Patricia Industries Signs Agreement to Acquire Sarnova from Company Founder and Water Street Healthcare Partners

DUBLIN, Ohio – 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. To...
Source: JEMS: Journal of Emergency Medical Services News - Category: Emergency Medicine Authors: Tags: Administration and Leadership Industry News Source Type: news