Patricia Industries’ acquisition of Sarnova, Inc., a portfolio company of Water Street Healthcare Partners and Talisman Capital Partners
April 4, 2018
Sarnova Holdings, Inc., parent company to four fast-growing business units: Bound Tree Medical, Cardio Partners, Emergency Medical Products and Tri-anim Health Services, has been acquired by Patricia Industries, which is part of the publicly traded Swedish industrial holding company, Investor AB (OM:INVE A). Patricia Industries acquired the majority of Sarnova from Water Street Healthcare Partners and Sarnova founder Matthew D. Walter (Talisman Capital Partners) for an enterprise value of $903 million. Water Street and Mr. Walter remain minority investors in the business. The transaction was announced on March 12 and closed on April 4.
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.
Cain Brothers served as sole financial advisor to Patricia Industries and facilitated the acquisition of Sarnova from Water Street and Mr. Walter on a proprietary basis.
Patricia Industries makes control investments in best-in-class companies with strong market positions, brands and corporate cultures within industries positioned for secular growth. Water Street is a strategic private equity firm focused exclusively on building market-leading companies in healthcare. Mr. Walter is the founder of Sarnova and the founder and managing partner of Talisman Capital Partners, a private partnership based in Columbus, Ohio.