K&L Gates Advises Patricia Industries on Its Majority Acquisition of Sarnova Holdings, Inc.
6 April 2018
James C.H. Lee
New York -
Global law firm
K&L Gates LLP
represented Patricia Industries, a part of Investor AB, on the $903 million acquisition of a majority stake in healthcare product specialty distributor Sarnova Holdings, Inc. from Water Street Healthcare Partners and Sarnova founder Matthew D. Walter.
The acquisition, which closed April 4, consisted of Patricia Industries injecting $513 million in equity financing for an 86 percent ownership of Sarnova. The remainder of the enterprise value has been financed by external debt and equity participation from Water Street Healthcare Partners, Matthew D. Walter, and Sarnova’s management group and board of directors.
New York private equity partner James C.H. Lee led the K&L Gates team that advised Patricia Industries on the acquisition with support from New York private equity counsel Jae Park; New York tax partner Adam Tejeda; Pittsburgh and New York banking and asset finance partner Vanessa Spiro; and New York corporate associate Phil Lee.
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