AI-focused healthcare agency Swoop has spun off from Real Chemistry, Swoop and private equity firm New Mountain Capital said this week.
Swoop was acquired by Real Chemistry in 2021 and has operated as a unit of the network, which has been backed by New Mountain Capital since 2019.
Financial details of the deal were not disclosed. New Mountain is the majority owner of both Real Chemistry and Swoop, and this structure remains unchanged, said Marcella Milliet Sciorra, CMO of Swoop.
The two agencies will maintain a “preferred partnership arrangement,” according to the investment firm. New Mountain will continue to support both firms and provide additional investment flexibility to pursue expansion for each agency.
Swoop president Scott Rines praised the spinoff in a LinkedIn post on Thursday, saying his agency is “ready to take healthcare marketing to the next level.”
Swoop cofounders Ron Elwell and Simeon Simeonov also highlighted the “next chapter” for the agency via LinkedIn posts.
“After four wildly successful years as a division of Real Chemistry, Swoop is once again an independent company,” Elwell wrote. “I couldn’t be more proud of the Swoop team and all the hard work and dedication that created the success that led to this moment. We’re excited to partner with New Mountain Capital as we continue to drive the technology revolution that will power omni-channel marketing.”
Representatives from New Mountain could not be reached for comment.
Swoop was acquired by Real Chemistry in 2021 alongside IPM.ai, and Real Chemistry also bought AI shop ConversationHealth in 2022, followed by doctor-focused ad-tech firm TI Health in 2023 and medical marketing agency Avant Healthcare this year.
TI Health was integrated under the Swoop brand to merge its healthcare provider services with Swoop’s direct-to-consumer audiences.
This year, Real Chemistry CEO Shankar Narayanan told PRWeek that Real Chemistry remains “relentless on the M&A front” and is specifically focused on global expansion in data and AI.
Narayanan told PRWeek that the latest deal is the culmination of a productive partnership.
“For our clients, the transition will be seamless. They will retain access to the same cutting-edge data, technology and AI resources that they rely on today,” he said in an emailed statement. “Furthermore, our ongoing preferred provider relationship with Swoop will ensure that our collaboration and service delivery continue without disruption.”
Swoop is the second recent firm to spin off from its previous parent company in favor of direct PE ownership. Private equity firm KKR said last month that it plans to acquire holding company WPP’s ownership stake of FGS Global in a deal expected to close by the end of this year. It will give KKR a 74% equity stake in FGS with FGS’ over 500 employee shareholders owning 26%.
Swoop is a healthcare marketing agency leveraging AI systems and omnichannel engagement services to enable pharmaceutical and life sciences brands to find, target and engage with their ideal patient and provider audiences.
New Mountain Capital is a New York-based investment firm managing private equity, credit and net lease investment strategies with over $55 billion in assets under management.
Real Chemistry reported a 7% revenue increase to $596 million globally and an 8% increase to $556 million in the U.S. in 2023, according to PRWeek’s 2024 Agency Business Report.
This article originally appeared on PRWeek US.
