A Medical Device Daily

Tri-anim (Sylmar, California), one of the largest U.S. specialty distributors of respiratory products and emergency medical services (EMS) products, has merged with Bound Tree Medical (Dublin, Ohio), a national supplier of EMS products.

Water Street Healthcare Partners, a Chicago-based private equity firm focused exclusively on the healthcare 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 healthcare 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 Water Street Principal Chris Sweeney.

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 will provide it with strategic guidance and support.

Escalon Medical (Wayne, Pennsylvania) said its wholly owned subsidiary, Drew Scientific (Wayne), acquired JAS Diagnostics (Miami).

Drew purchased 100% of the outstanding shares of JAS for about $1.2 million in cash and $800,000 in notes payable.

JAS is a privately-held manufacturer of class I and II in vitro diagnostics (IVD) reagents that markets its products to physician, reference, hospital and veterinary laboratories throughout the world.

JAS generates annual revenues of about $2 million.

While Drew is focused on the equipment side of the IVD business, JAS synergistically expands our current position into the clinical chemistry consumable market. We look forward to the JAS team becoming part of our organization and contributing to our future growth," said Richard DePiano Sr., CEO/chairman of Escalon.

JAS was established in 2000 and specializes in the manufacture of a broad range of liquid stable, diagnostics chemistry reagents used in IVD tests.

Founded in 1987, Escalon develops ophthalmic diagnostic, surgical and pharmaceutical products as well as vascular access devices. Drew Scientific, which operates as a separate business unit, provides instrumentation and consumables for the diagnosis and monitoring of medical disorders in the areas of diabetes, cardiovascular diseases and hematology, as well as veterinary hematology and blood chemistry.