Patricia Industries Acquires Medical Product Company Sarnova Holdings, Inc.
Sarnova Holdings, Inc., parent company to four fast-growing business units: Bound Tree Medical, Cardio Partners, Emergency Medical Products and Tri-anim Health Services, announced today that the company has signed an agreement to be acquired by Patricia Industries, which is part of the Swedish industrial holding company, Investor AB. Patricia Industries will acquire the majority of Sarnova from Water Street Healthcare Partners and Sarnova founder Matthew D. Walter who will remain minority investors in the business.
Sarnova was formed in 2008 when Mr. Walter and Water Street merged two leading specialty distributors, Bound Tree Medical and Tri-anim Health Services. Over the next ten years, Sarnova completed eight acquisitions to expand its suite of medical products and services. Today, Sarnova is the nation’s premier national distributor of health care products.
“I am so proud of our team’s success. This new partnership with Patricia Industries will further strengthen Sarnova’s capacity to serve our customers, vendors and employees and fulfill our mission to save and improve patients’ lives. Simply put, the Wallenberg family and the Investor Group have a values-oriented culture, much like Sarnova’s culture, and we foresee a very bright future as a part of their family,” says Sarnova CEO Jeff Prestel.
Chris Sweeney, partner, Water Street, added, “It has been an honor to work with Matt, Jeff and the entire Sarnova team over the past ten years. Together, we created and executed a strategic plan that grew the company into a market leader that is making a meaningful impact in the acute care and emergency medical services markets. Patricia consistently demonstrated its cultural alignment with us throughout our discussions and will be a strong home for Sarnova.”
“In Sarnova, we see a great company that has both impressive historical performance and significant, durable long-term growth potential. Its asset-light business model makes the company highly cash generative,” says Noah Walley, Co-Head of Patricia Industries. “We are looking forward to working with Sarnova’s executive team to further invest in and develop the company.”
Cain Brothers & Company, a division of KeyBanc Capital Markets, served as sole financial advisor to Patricia Industries and facilitated its strategic acquisition of Sarnova on a proprietary basis.