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Patricia picks up majority stake in Sarnova
Posted on Tuesday, 13 March 2018 10:37
Stockholm-headquartered Patricia Industries is snapping up a majority holding in Sarnova Holdings, which distributes over 100,000 healthcare products through business units Bound Tree Medical, Cardio Partners, Emergency Medical Products and Tri-anim Health Services.
Vendors include founder Matthew Walter and Chicago-based investor Water Street Healthcare Partners and both will retain minority shares in the target following the deal.
Financial details were not disclosed.
The target was formed in 2008 through the merging of Bound Tree, which wholesales prehospital emergency supplies, equipment, and pharmaceuticals to first responders and paramedics, and Tri-anim, a provider of respiratory, anaesthesia and critical care products and therapies.
Since then, the Dublin, Ohio-headquartered business has expanded its product offering through a further eight acquisitions, including sudden cardiac arrest specialist Cardio Partners, and Emergency Medical Products.
It now describes itself as the premier national distributor of healthcare items in the US.
Chief executive Jeff Prestel stated that the sale will “strengthen Sarnova's capacity to serve our customers, vendors and employees and fulfil our mission to save and improve patients’ lives”.
Patricia is part of Swedish industrial holding company Investor, which has holdings in Ericsson, Atlas Copco, and ABB, among others, and has been controlled by the Wallenberg family since they established the firm in 1916.
The subsidiary generated profit of SEK 957.00 million (EUR 94.21 million) for the year ending 31st December 2017, accounting for 2.0 per cent of Investor’s total for the 12 months (SEK 47.43 billion).
Co-head of the buyer, Noah Walley, said: “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”.
Water Street is an investor that focuses on the healthcare industry’s four segments: medical and diagnostic products, specialty distribution, outsourced healthcare services, and speciality pharmaceutical items and services.
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