Renew Completes Acquisition of Aquaflush Medical Limited

Combining Innovative Bowel Management Device Portfolios

Renew Medical Pty Ltd, an innovative, rapidly growing healthcare company, has completed the acquisition of Aquaflush Medical Limited as part of its long term strategic goal of becoming a global leader in bowel management.

In recent years, Renew has supported a growing number of users (patients) with its groundbreaking Renew Insert. In the UK, the company has seen significant uptake and support from clinicians in the treatment for accidental bowel leakage. With the financial backing of Sydney based venture capitalist M.H Carnegie and Co., the strategy has always been to develop a cohesive product and service offer, that would allow the company to broaden its reach.

“Today is the start of a hugely exciting period for the Renew Group,” said Jason Tate, GM for Renew Medical UK. “Since its inception, Renew has held the Aquaflush offer in very high regard. The innovative bowel irrigation range and stoma stoppers have a particularly good fit with our own products, but more importantly, they fundamentally support how we believe a device business should support patients and the NHS in the UK. We believe medical innovation can be simple and cost-efficient, whilst actively supporting high-quality clinical outcomes within our NHS. We are delighted to welcome Aquaflush to the Renew business”.

The acquisition is the beginning of a programme of expansion for Renew. The next 12 months will see the launch of a new clinical advisory team, care programme and product development and innovation strategy.

About M.H. Carnegie & Company

M.H. Carnegie & Co. is a leading Australian venture capitalist, private equity and alternative asset manager with over AU$900M under management. M.H Carnegie’s investment focus is on high value medical device technologies, with particular emphasis on opportunities that leverage the best innovations, development pathways, management teams and financing strategies. www.mhcarnegie.com