Water Street portfolio company Sarnova acquires DXE Medical
Water Street portfolio company Sarnova, a distributor of healthcare products in the emergency medical services and acute care markets, has acquired DXE Medical.
The acquisition extends the company’s portfolio of resuscitation equipment, and expands its services into maintaining, repairing and recertifying EMS and acute care equipment.
“As a market leader, we have been looking at new ways to support health care providers who are operating under increasingly constrained budgets. Adding repair and recertification capabilities to our menu of services enables us to become a long-term partner to our customers in helping them care for and maximise the life of their medical equipment. In addition, we can offer them the option of buying ‘like new’ equipment that is fully certified and warranted,” says Dan Connors, chairman and chief executive officer, Sarnova. “By aligning with DXE, Sarnova also deepens its offering of resuscitation equipment to health care providers, and expands its group of customers to businesses, not-for-profit groups and government agencies.”
DXE, headquartered in Brentwood, Tennessee, specialises in distributing new and recertified emergency products, and providing refurbishment services. It employs manufacturer-certified biomedical technicians and rigorous testing procedures to repair and upgrade medical equipment to factory-certification levels.
With the addition of DXE, Sarnova will form a new services business, which will be led by Matt Spencer, founder and chief executive of DXE. Sarnova will distribute DXE’s new and “like-new” equipment and supplies through its family of companies: Bound Tree Medical, Emergency Medical Products and Tri-anim Health Services.
“I am very excited about the opportunity for DXE to become part of Sarnova,” says Spencer. “Together, we will offer health care providers the best products, prices, advice and services to support them with providing their patients with the highest level of care.”
DXE is the fifth acquisition Sarnova has completed since Water Street Healthcare Partners, a strategic private equity firm focused exclusively on healthcare, invested in the company in 2008.
“With this newest acquisition, Sarnova is uniquely positioned as a provider that can offer health care providers a comprehensive portfolio of clinically differentiated medical products and expertise supported by refurbishment, maintenance and repair services,” says Chris Sweeney, a partner with Water Street and board member of Sarnova. “We will continue to pursue new opportunities that will expand the company’s capabilities to support customers with maximising their spending on products and services that provide them with the highest quality and value.”
DXE was a privately negotiated transaction. Financial terms have not been disclosed.
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