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Patricia Industries acquires distributor of healthcare products
April 5, 2018

Patricia Industries, part of Investor Investment Company, announced on March 12 the acquisition of US Sarnova Holdings, a specialist distributor of healthcare products. Sellers are Water Street Healthcare Partners and Sarnova's founder Matthew D. Walter. The acquisition has now been completed following approval from the competition authorities, according to a press release. The purchase price is USD 903m on a debt-free basis. Sarnova had a turnover of USD 555m in 2007, with an operating margin before depreciation of 12 percent. The company has had annual organic growth of 6 percent since 2012.

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