Healthcare Industry News: Cardinal Health
News Release - October 20, 2008
Sarnova Names Craig Davenport Chief Executive Officer
Industry Veteran to Spearhead Growth of Specialty Health Care Distributor Following Merger of Tri-anim Health Services and Bound Tree MedicalSYLMAR, Calif. and DUBLIN, Ohio, Oct. 20 -- (Healthcare Sales & Marketing Network) -- Sarnova, the nation's leading specialty distributor of health care products in the emergency medical services (EMS), respiratory and surgical markets, today announced that it has named Craig T. Davenport chief executive officer. A 35-year veteran of the health care industry, Mr. Davenport most recently served as chairman, CEO and president of Endocare, Inc. (Nasdaq: ENDO ). His appointment follows the creation of Sarnova earlier this year through the merger of two leading distributors of specialty health care products: Tri-anim Health Services, Inc. and Bound Tree Medical.
Mr. Davenport, 55, has led some of the world's premier medical products and distribution businesses. He began his career with American Hospital Supply Corporation, now part of Cardinal Health, where he served as president of two businesses and built the first national distribution company to sell medical supplies directly to physicians' offices. Mr. Davenport also was president and COO of Tokos Medical Corporation, a medical device manufacturer and distributor of specialized home care products for pregnant women. At Tokos, he spearheaded the company's growth from a handful of people to more than 3,000 employees and from $3.7 to more than $120 million in net revenues in less than 10 years. Most recently, Mr. Davenport directed Endocare's turnaround into one of the world's leading medical device companies developing minimally invasive technologies that treat prostate, kidney and lung cancers.
"Combining Bound Tree and Tri-anim accomplished our objective of creating the nation's first multi-channel distributor of specialty health care products. Our longer-term strategic goal is to leverage their combined platform under Sarnova to accelerate their growth into new and complementary health care markets. Craig is the ideal leader to move this forward. His years of experience operating and building leading health care manufacturing and distribution companies will be invaluable to our customers and to achieving our goals for expansion," said Kevin Swan, a Sarnova board member and partner with Water Street Healthcare Partners, a leading private equity firm focused exclusively on health care. Water Street, which facilitated and invested in the merger of Bound Tree and Tri-anim, played a lead role in recruiting Mr. Davenport to the CEO position.
Mr. Davenport, who plans to maintain offices in both Sylmar, California and Dublin, Ohio, will work closely with Bound Tree and Tri-anim's founders to facilitate a smooth transition. Bob Byers, Jr., the former president and CEO of Tri-anim, has been appointed to chairman of the board. Matthew Walter, who served as chairman and CEO of Bound Tree, will assume the position of lead director.
"I am thrilled to join the Tri-anim and Bound Tree teams, and return to my roots in health care - distribution and logistics. Both companies have achieved remarkable growth. Bob and Matt have created exceptional businesses that are widely renowned for their high level of product knowledge and commitment to customer service," said Mr. Davenport. "My first priority will be working with the board to develop a strategic plan that will leverage Tri-anim and Bound Tree's strong brands and combined distribution network to build a company of increased scale and operating efficiencies that is well-positioned to deliver greater value to customers, employees and shareholders in the future."
In addition to his decades of operating experience, Mr. Davenport has served on the boards of numerous health care companies, as well as several venture and private equity advisory boards. He earned his bachelor's degree in marketing and management from Ohio University.
About Sarnova
Sarnova is the nation's leading specialty distributor of health care products in the emergency medical services (EMS), respiratory and surgical markets. It is comprised of two businesses: Bound Tree Medical and Tri-anim Health Services, Inc. Together, the two businesses distribute more than 100,000 health care products to thousands of hospitals, surgery centers and emergency care providers through 17 distribution centers located across the country. To learn more, visit http://www.Tri-anim.com or http://www.boundtree.com.
About Water Street Healthcare Partners
Water Street Healthcare Partners is a leading private equity firm focused exclusively on health care. With more than $1 billion of capital under management, Water Street is one of the most active investors in the health care industry. The firm has a strong track record of building market- leadership companies across key growth sectors in health care. It has partnered with some of the world's leading health care companies on its investments, including: Gentiva Health Services, Inc., Johnson & Johnson, Medtronic and Smith & Nephew. Water Street's team is comprised of industry executives and private equity professionals with decades of experience investing in and operating global health care businesses. The firm is headquartered in Chicago. For more information about Water Street, visit http://www.wshp.com.
Source: Water Street Healthcare Partners
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