Tri-anim and Bound Tree Medical Merge to Create Nation's Leading Specialty Health Care Distributor

Water Street Healthcare Partners Leads Combination to Form Nation's
Foremost Distributor of Specialty EMS, Respiratory and Surgical Products

SYLMAR, Calif. and DUBLIN, Ohio, June 5 /PRNewswire/ -- Tri-anim, the
largest U.S. specialty distributor of respiratory products and a leading
distributor of emergency medical services (EMS) products, and Bound Tree
Medical, the largest national supplier of EMS products, announced today
that they have merged to create the nation's leading specialty distributor
of health care products. Water Street Healthcare Partners, a Chicago-based
private equity firm focused exclusively on the health care industry,
brought the two companies together and has committed $75 million in equity
financing to expand the combined entity's market-leadership position.

Tri-anim and Bound Tree have more than 60 years of combined experience
in the multi-billion dollar EMS, respiratory and surgical markets.
Together, the two companies provide more than 100,000 health care products
to thousands of hospitals, surgery centers and emergency care providers
throughout the country. They generate combined revenues exceeding $400
million, employ 600 professionals and manage 17 distribution centers across
the U.S.

"This transformational combination creates the nation's first
multi-channel specialty distributor providing hospitals and EMS providers
with unparalleled expertise and customer service," said Chris Sweeney,
Water Street's principal on the privately negotiated merger. "Bound Tree
and Tri-anim set the bar for exceptional product knowledge and world-class
customer support. They are both highly regarded leaders in their respective
markets. We are thrilled about this combination and see tremendous
opportunity for growth, particularly as specialty health care markets
continue to expand and customers demand high-quality distribution
partners."

Founded in 1975, Tri-anim has rapidly expanded its business across the
country. As the number of respiratory illnesses requiring treatment has
increased, Tri-anim has become known for providing hospitals with a wide
assortment of respiratory products, as well as specialty EMS and surgical
products. With the National Institute on Health reporting that more than 17
million Americans are afflicted by asthma, the number of new respiratory
products coming to market is increasing exponentially.

"Now more than ever, our customers expect us to be the leader in
presenting them with new and innovative health care products, and helping
them to select the best products possible to care for their patients," said
Bob Byers, Jr., president and CEO of Tri-anim. "We take great care in
hiring and training highly knowledgeable sales and customer service
professionals who provide our customers with expertise and support 24 hours
a day. Joining forces with Bound Tree and Water Street enables us to
provide our customers with an even broader range of products and higher
level of service."

Bound Tree Medical was founded in 1978 and has grown from a regional
supplier into the largest national supplier of EMS products. As EMS
providers have shifted from performing basic life support procedures to
more complex advanced life support techniques, they have required increased
access to specialized EMS products.

"It's critical that we provide our customers with the most advanced
products and technologies coming to market, and, just as importantly, with
professionals who can address their unique needs and concerns," said
Matthew Walter, chairman and CEO, Bound Tree Medical. "Bound Tree's
experience in the EMS market, combined with Water Street's experience in
multi-channel health care distribution, and Tri-anim's leadership position
in specialty respiratory products, will provide our customers with
unmatched expertise on a full range of EMS, respiratory and surgical
products."

Tri-anim and Bound Tree will continue to operate under their existing
names. The founders of both companies will retain substantial ownership
positions in the combined entity, which will be managed under the holding
company, Sarnova. As a significant owner in Sarnova, Water Street and its
team of operating partners, who have led some of the world's largest health
care distribution and respiratory businesses, will provide it with
strategic guidance and support.

"Our team's expertise in specialty distribution enabled us to
successfully bring together two market leaders that will deliver much
greater value together than they would separately," said Tim Dugan,
managing partner of Water Street. "We are excited to partner with Bob and
Matt, who have done an outstanding job of building unique, leadership
businesses. Together, we will pursue additional opportunities for growth
and create considerable value for customers, employees and shareholders. We
already are exploring prospects to expand into new, complementary health
care markets that will benefit from our strong national platform for
specialty distribution."

Financial terms of the transaction were not disclosed.

About Bound Tree Medical

Bound Tree Medical is a specialty distributor of medical equipment,
pharmaceuticals and supplies to the pre-hospital marketplace. The company
markets its products through a national sales force to EMS providers, fire
departments, hospitals, colleges and universities throughout the United
States and Europe. The company employs approximately 240 people and has
facilities in New Hampshire, Ohio, Tennessee, South Carolina, Wisconsin,
Arizona, California and the United Kingdom. To learn more, visit
http://www.boundtree.com.

About Tri-anim

For more than 30 years, Tri-anim has met the needs and exceeded the
expectations of providers throughout the healthcare continuum, including
hospitals, emergency medical services (EMS), long-term care facilities,
surgery centers and nursing homes. All in-stock orders received -- until 5
pm -- are shipped the same day from one of 13 distribution centers
nationwide. Tri-anim employs approximately 350 people and is an industry
leader providing e-commerce solutions enabling customers a faster and more
efficient procurement method for purchasing medical products. The
e-Quick(R) System, a proprietary patent-pending technology, allows
customers to place a five-line order in less than 45 seconds. For more
information, go to http://www.Tri-anim.com.

About Water Street Healthcare Partners

Water Street Healthcare Partners is a Chicago-based private equity firm
focused exclusively on health care. One of the most active investors in
health care today, Water Street has a strong track record of building
market- leadership companies across the health care industry. The firm has
particular expertise in corporate divestitures from the world's leading
health care companies, including: Johnson & Johnson, Medtronic, Smith &
Nephew and Stryker Corporation. Water Street's team is comprised of highly
experienced industry executives and private equity professionals who have
worked together for more than 10 years and whose investments include:
Access MediQuip, Alpine Biomed, Facet Technologies, Lakewood Pathology
Associates, Physiotherapy Associates and Precision Dynamics Corporation.
For more information about Water Street, visit http://www.wshp.com.




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[Via Healthcare]