Patricia Industries will acquire a majority share of Sarnova Holdings Inc and its subsidiaries Bound Tree Medical, Cardio Partners, Emergency Medical Products and Tri-anim Health Services. Patricia Industries, part of Swedish company Investor AB, acquired the majority stake from Water Street Healthcare Partners and Sarnova founder Matthew D. Walter who will remain minority investors in the business.
Sarnova was formed in 2008 and today is a premier national distributor of healthcare 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,” said Sarnova CEO Jeff Prestel.
“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,” said 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.