Tri-anim Health Services, a Sylmar, Calif.-based distributor of respiratory and emergency-medical services products, and Bound Tree Medical, a Dublin, Ohio-based manufacturer of EMS products, have completed a merger of the two companies, according to a news release.
Financial terms of the deal were not disclosed, but the private-equity firm Water Street Healthcare Partners, Chicago, will provide $75 million in equity financing to expand the newly formed company. The merged company will continue to operate using the Tri-anim and Bound Tree names, but will be managed by the newly created holding company Sarnova.
Under the merger agreement, Tri-anim President and Chief Executive Officer Bob Byers will relinquish his position and become board chairman for Sarnova, while Bound Tree CEO Matthew Walters will relinquish his position and become lead director of the Sarnova board, according to Water Street spokeswoman Kelly Zitlow. A headquarters location will be determined following recruitment of a CEO for Sarnova. -- by Shawn Rhea