M&A Deal Summary

Patricia Industries Acquires Sarnova

On March 12, 2018, private equity firm Patricia Industries acquired distribution company Sarnova from Water Street Healthcare Partners for 903M USD

Acquisition Highlights
  • This is Patricia Industries’ 1st transaction in the Distribution sector.
  • This is Patricia Industries’ 2nd largest (disclosed) transaction.
  • This is Patricia Industries’ 3rd transaction in the United States.
  • This is Patricia Industries’ 1st transaction in Ohio.

M&A Deal Summary
Date 2018-03-12
Target Sarnova
Sector Distribution
Buyer(s) Patricia Industries
Sellers(s) Water Street Healthcare Partners
Deal Type Secondary Buyout
Deal Value 903M USD

Target

Sarnova

Dublin, Ohio, United States
Sarnova is a U.S. specialty distributor of healthcare products for the emergency preparedness and acute care markets. The company is comprised of four major business units: Bound Tree Medical, Cardio Partners, Emergency Medical Products and Tri-anim Health Services. Sarnova was founded in 2008 and is based in Dublin, Ohio.

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Buyer(S) 1

Buyer

Patricia Industries

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1995
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Patricia Industries is a diversified investor in mid-sized companies throughout Scandinavia and North America. The Firm is a part of publicly traded investor group Investor AB and looks to make long-term commitments in partnership with growth companies. Patricia Industries was formed in 1995 and is headquartered in Stockholm, Sweden.

DEAL STATS #
Overall 8 of 10
Sector (Distribution) 1 of 1
Type (Secondary Buyout) 5 of 7
State (Ohio) 1 of 1
Country (United States) 3 of 4
Year (2018) 1 of 2
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-19 Laborie Medical Technologies

Portsmouth, New Hampshire, United States

Laborie Medical Technologies is a manufacturer and supplier of pelvic health and gastrointestinal medical equipment and consumables. Since its founding in 1967, Laborie has been committed to delivering innovative, complete solutions that provide better diagnostics and treatment outcomes to patients worldwide. Laborie Medical Technologies was founded in 1967 and is based in Portsmouth, New Hampshire.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-30 Piab

Taby, Sweden

Piab is a provider of smart solutions for the automated world, helping thousands of end users and machine producers in e-commerce logistics, food, pharma, automotive and other manufacturing industries to improve energy-efficiency, productivity and working environments. By leveraging the ongoing technological development in automation and robotics, and targeting high-growth segments and geographies, Piab's vision is to become the global leader in gripping and moving solutions. Piab was founded in 1951 and is based in Taby, Sweden.

Buy kr7.0B

Seller(S) 1

SELLER

Water Street Healthcare Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 6.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Water Street is a specialist private equity firm that targets investments in healthcare companies. Specific areas of interest within healthcare include diagnostic devices, medical products, pharmaceutical services, specialty distribution, specialty pharmaceuticals, and specialty services. Water Street targets non-core units of larger corporations and private middle-market companies. Transactions are typically valued between $50 and $500 million. Water Street does not invest in biotechnology, traditional healthcare facilities (hospitals, nursing homes) or early-stage companies without positive cash flow. Water Street was formed in 2005 and is based in Chicago, Illinois.

DEAL STATS #
Overall 23 of 31
Sector (Distribution) 2 of 2
Type (Secondary Buyout) 6 of 7
State (Ohio) 2 of 3
Country (United States) 23 of 30
Year (2018) 1 of 5
Size (of disclosed) 2 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-13 Zenith American Solutions

Tampa, Florida, United States

Zenith American Solutions is an administrator to Taft-Hartley multi-employer funds in the U.S. The company's solutions enable the delivery of complex healthcare and retirement benefits to union members through its dynamic technology-enabled platform. Zenith American Solutions was founded in 1944 and is based in Tampa, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-18 Triplefin

Cincinnati, Ohio, United States

Triplefin LLC is a provider of integrated business process outsourcing solutions to pharmaceutical and consumer products companies. Triplefin delivers comprehensive hub services that improve patient access and adherence, including its patent-pending Rx365® suite of digital solutions. Triplefin’s programs help thousands of patients with serious diseases, offering hope and improved well-being. Its associates are dedicated to providing an empathetic, caring experience throughout a patient’s journey. The company is headquartered in Cincinnati, Ohio.

Buy -
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