Sarnova Acquires Progressive Medical International. Health Care Distributor Completes Sixth Acquisition to Expand Products and Services to Customers
DUBLIN, Ohio, April 1, 2013 /PRNewswire/ -- Sarnova, Inc., the nation's leading specialty distributor of health care products in the emergency medical services (EMS) and acute care markets, announced today that it has acquired Progressive Medical International, Inc. ("PMI"). Headquartered in Vista, Calif., PMI distributes new and refurbished EMS equipment and supplies. It is the sixth acquisition Sarnova has completed since Water Street Healthcare Partners, a strategic private equity firm focused exclusively on health care, invested in the company in 2008.
With PMI, Sarnova expands its portfolio of EMS supplies and advances its position in the refurbished medical equipment market. The company added refurbishment and recertification of medical equipment to its menu of services earlier this year when it acquired DXE Medical, Inc. ("DXE"). Sarnova will integrate PMI's capabilities into its DXE business to support customers with repairing and upgrading their medical equipment to factory-certification levels. It will distribute PMI's medical supplies through its Bound Tree Medical business, which serves emergency caregivers.
"PMI is another step in our continual process of expanding our portfolio to offer our customers a greater array of clinically differentiated medical products, expertise and services. It is highly complementary to our businesses, and furthers our ability to support customers with maximizing the life of their medical equipment," said Dan Connors, chairman and CEO, Sarnova. "Our focus continues to be identifying new ways to grow our products and services to provide greater value to our customers who are on the front lines of saving patients' lives."
Sarnova has grown to become a leading specialty health care distributor through a combination of organic initiatives and strategic acquisitions. Since partnering with Water Street four years ago, it has expanded its products and services to serve thousands of emergency medical services providers, hospitals and acute care centers across the country.
"When we invested in Sarnova, we saw an opportunity build on its extensive clinical expertise and products. Together with management, we have executed a strategic growth plan that has broadened the company's products and supplies," said Chris Sweeney, partner, Water Street. "With PMI and DXE, Sarnova has extended its position as one of the industry's only distributors that can offer health care providers a comprehensive offering of products supported by refurbishment and repair services."
PMI was a privately negotiated transaction. Financial terms are not being disclosed.
About Sarnova, Inc.
Sarnova is a leading specialty provider of health care products across the emergency medical services (EMS) and acute care continuum. It is comprised of four major business units: Bound Tree Medical, DXE Medical, Inc. (DXE), Emergency Medical Products, Inc. (EMP) and Tri-anim Health Services, Inc. Bound Tree and EMP are focused on EMS and pre-hospital medical supplies and equipment. Tri-anim specializes in acute care and respiratory products. DXE refurbishes and repairs medical equipment. Sarnova offers more than 100,000 health care products and services to thousands of emergency care providers, hospitals and advanced patient-care facilities nationwide. Sarnova is a company of Water Street Healthcare Partners, a strategic private equity firm focused exclusively on health care. For more information, visit www.sarnova.com.
SOURCE Sarnova, Inc.