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Sarnova Company Expands Cardiac Care Services Offering

DXE Medical, Inc., a Sarnova company specializing in sales and service of cardiac care products, announced today that it has acquired Cardio Partner Resources, LLC.

The acquisition further strengthens DXE’s cardiac care offering to customers, with the addition of nationwide CPR/AED/first aid training, program management services and a full assortment of AEDs and cardiac care products.

Cardio Partner Resources is the leading independent training business in the United States. The company provides a full line of certified CPR/AED/first aid training classes for both the lay and professional rescuer. Founded in 2005, Cardio Partner Resources works with and trains the nation’s largest employers, including the top retail pharmacy chains.

“With the addition of Cardio Partner Resources, we are well-positioned to realize our vision of delivering the best integrated cardiac event preparedness solution to our customers,” said Jeff Prestel, president and CEO, Sarnova.

Brian Leonard, president of Cardio Partner Resources, will continue to lead the company’s training team, comprised of more than 350 certified instructors nationwide.

“Cardio Partner Resources is excited to help build upon the outstanding reputation of DXE Medical. This partnership will enable both organizations to support our customers’ AED, training, and program management needs on a nationally recognized platform,” said Leonard.

DXE’s General Manager Reuben Dickenson added, “We will now have a more complete set of solutions for our customers who seek to save lives by being prepared for cardiac arrest scenarios. Cardio Partner Resources’ training and program management, coupled with DXE’s device sales, service and recertification capabilities, provides a much wider range of offerings and solution capabilities for the marketplace.”

DXE Medical specializes in providing sales and service for both new and recertified products including AEDs, monitor/defibrillators, and other medical equipment and accessories to care providers and businesses across the nation. Through manufacturer-certified biomedical technicians, DXE provides factory recertification, preventive maintenance, extended warranty and general repair. For more information, visit

Cardio Partner Resources provides nationwide, onsite training in CPR, first aid and the use of AEDs. It sells AEDs and related products and provides program management services related to AEDs. Cardio Partner Resources works with each client to determine the best training and product solution to meet their budgets, needs and expectations. For more information, visit

Sarnova is the leading national specialty distributor of healthcare products in the emergency medical services (EMS) and acute care markets. The company is comprised of four major business units: Bound Tree Medical, DXE Medical, Emergency Medical Products and Tri-anim Health Services. Sarnova is a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry. For more information, visit


MedPlast to Acquire Vention Medical Business

MedPlast, Inc., a global services provider to the medical device industry, announced today that it has signed a definitive agreement to acquire Vention Medical’s Device Manufacturing Services business.

The acquisition broadens MedPlast’s portfolio of capabilities and bolsters its position as a leading services provider to the world’s largest original equipment manufacturers.

MedPlast’s acquisition will further expand the company’s capabilities in assembly and packaging, enabling it to offer customers a comprehensive suite of services producing a wide range of medical products. It also will extend MedPlast’s global footprint to 22 manufacturing facilities located in key markets throughout North and Central America, Asia and Europe. Once complete, the acquisition will more than double MedPlast’s size. The company will employ more than 3,500 engineers, technicians and assembly workers specializing in producing surgical, orthopedic, diagnostic and other medical devices.

“This acquisition will significantly strengthen MedPlast’s leadership position in the medical device manufacturing industry,” said MedPlast Chief Executive Officer Harold Faig. “We will provide our customers a broad spectrum of integrated manufacturing capabilities and services from strategic locations around the world. This is something our customers have been asking for, and we are committed to continuing to expand our capabilities in areas that will bring value to our customers.”

Bill Flaherty, president of Vention Medical’s Device Manufacturing Services business, added, “We are excited to come together with MedPlast. We serve many of the same customers who will benefit from our combined offering and shared commitment to providing the highest quality standards and facilities in the industry.”

MedPlast’s acquisition comes two months after the company partnered with two investment firms to expand its offering. JLL Partners, a middle-market private equity firm, and Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, invested in MedPlast in December 2016.

“This is the first of what we expect will be more strategic acquisitions to build MedPlast into a market leader. Water Street and JLL are working closely with management to identify and pursue opportunities that will achieve MedPlast’s goal of offering customers a comprehensive, integrated portfolio of end-to-end product solutions,” said Kevin Swan, partner, Water Street.

The transaction is expected to close in the second quarter of 2017. Financial terms of the agreement are not being disclosed.

About MedPlast MedPlast is a global services provider to the medical device industry. The company offers a range of engineering and manufacturing capabilities that support the world’s leading original equipment manufacturers with producing diagnostic, orthopedic, surgical and other medical products. Headquartered in Tempe, Ariz., the company operates 11 ISO-certified facilities around the world. For more information about MedPlast, visit

About Vention Medical Vention Medical is a global integrated solutions provider with more than 30 years of experience in design, engineering and manufacturing of complex medical devices and components. Vention Medical specializes in molded components, and finished device assembly and packaging for the interventional and minimally invasive surgical markets. Visit Vention at


Zenith Completes Strategic Acquisition

Zenith American Solutions, Inc. (Zenith), a leading third-party benefits administrator, announced today that it has acquired Pacific Federal, LLC (PacFed). Headquartered in Glendale, Calif., PacFed is one of California’s most experienced employee benefits companies.

PacFed is the second acquisition that Zenith has completed in the past year to extend its position as a premier U.S. third-party administrator and solutions provider. The acquisition deepens Zenith’s footprint in the West Coast and expands its national base of clients, which encompass Taft-Hartley trust funds, trade associations, government entities and corporate employers. Specializing in health and welfare claims administration, PacFed serves more than 200 employers and 30,000 members in Southern California.

“PacFed is another important step in our strategic plan to expand our footprint,” said Art Schultz, chief executive officer, Zenith. “We look forward to continuing to pursue a strong pipeline of opportunities that will enable us to extend and enhance our services to clients in today’s ever-changing benefit plan environment.”

Jim Garrison, president of PacFed, added, “Zenith is the leader in our industry and well-known for going above and beyond to serve its clients. I am excited to combine our expertise and capabilities to provide our customers and their employees with more comprehensive services in the future.”

Mr. Garrison will continue to lead PacFed and report directly into Mr. Schultz. The acquisition is effective immediately. Financial terms are not being disclosed.

About Pacific Federal Pacific Federal, LLC (PacFed) is one of California’s most experienced privately owned employee benefits firms. PacFed assists businesses in carrier negotiations and the administration of employee benefit coverages. It also offers online services, member assistance, workplace support, consolidated billing, COBRA administration and compliance notification. Visit for more information.

About Zenith American Solutions, Inc. Zenith American Solutions, Inc. (Zenith) has been providing high-quality administrative services since 1944. With 44 offices across the country, Zenith manages benefit plans as a third-party benefits administrator (TPA) serving over 700,000 health plan members and dependents, and over 800,000 retirement plan participants for Taft-Hartley trust funds, trade associations, government entities and corporate employers. Zenith American Solutions is a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the healthcare industry. For more information, visit


ELAP Announces Management Appointments

ELAP Services LLC (ELAP) announced today that it has appointed J. Patrick Foley as president and Mike Burnett as chief financial officer.

The longtime health care executives will work closely with Chief Executive Officer Steve Kelly to lead the company through its next phase of growth. ELAP specializes in reducing health insurance costs for mid-size employers across the United States.

“We are very pleased to expand our leadership team with two highly experienced executives in the health care industry,” said Mr. Kelly. “In addition to their industry expertise, both have strong track records in guiding businesses through strategic growth and acquisitions that will be invaluable as we extend ELAP’s services into new areas.”

Mr. Foley brings to ELAP an extensive background in leading health plan and physician management organizations. He recently served as senior vice president of delivery and operations at Lumeris, a population health management solutions company, where he led business and strategy development for Lumeris Healthcare Outcomes. Previously, Mr. Foley built risk-bearing accountable provider organizations and Medicare health plans for HealthSpring (now part of Cigna). He was later promoted to president of Cigna’s Medicare Advantage division in the Mid-Atlantic and Pennsylvania regions.

Mr. Burnett has more than 30 years of professional finance experience with expertise in high-growth and newly integrated organizations. He previously served as chief financial officer for PDR, a provider of drug information and prescriber communications. He also was CFO of MediMedia USA, a provider of health information and services to physicians, consumers and other health care decision makers. Mr. Burnett also held financial positions at IMS International in the United Kingdom.

About ELAP Services

Headquartered in Wayne, Pa., ELAP Services is a national health care service company that partners with self-funded employers across the United States to help reduce health care expenses. The company assists employers with plan design to bring more transparency and collaboration between self-funded employers and medical providers. On average, each case managed by ELAP reduces employers’ long-term health care expenses by as much as 25 percent. Founded in 2003, ELAP has grown to serve more than 400 organizations. It is a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry.


RTI Names Camille Farhat CEO

RTI Surgical Inc. (“RTI” or “the company”) (Nasdaq: RTIX), a leading global surgical implant company, today announced that Camille Farhat has been named chief executive officer, effective March 15, 2017.

He will succeed interim chief executive officer, Robert P. Jordheim, who will resume his role as chief financial officer.

Mr. Farhat, 47, previously served as president and CEO of American Medical Systems, Inc. (AMS), an operating business of Endo International plc (NASDAQ/TSX: ENDP). In this role, he realigned the business to fund innovation, expand internationally and resume growth, ultimately leading to Boston Scientific’s $1.65 billion acquisition of the Men’s and Prostate Health businesses. Mr. Farhat’s expertise aligns with RTI’s focus on developing and delivering exceptional products for patients and achieving sustainable, long-term growth. He has a track record of revitalizing and profitably growing global businesses within the health care industry. Prior to AMS, Mr. Farhat held senior leadership roles where he improved the performance of business units at companies including Baxter Healthcare, Medtronic, Inc. and General Electric.

“Today marks a significant development for RTI’s future. We are pleased that Camille Farhat, an experienced leader with a laser customer focus and solid track record of driving highly effective operational performance in complex health care markets, has agreed to join RTI as our new CEO,” said RTI Chairman Curtis M. Selquist. “On behalf of the entire board, I would like to thank Robert Jordheim for his service as interim CEO. We are pleased that he will be returning to his role as our chief financial officer once Camille is on board. I also want to thank Wy Louw, who has been serving as interim CFO and will resume his controller responsibilities.”

Nicholas J. Valeriani, the RTI board member who led the CEO search process, added, “Following a broad search of both internal and external candidates by RTI’s independent directors, we are confident that Camille has the discipline, talent and demonstrated ability to lead RTI to future success. The company and our customers will benefit from his vibrant leadership, dedication to patients, demand for strategic and operational excellence, and persistent dedication to getting things done and achieving sustainable, long-term growth.”

Mr. Farhat has broad global leadership experience, with senior-level assignments in 10 countries during the past 22 years. Prior to AMS, he advanced several business segments for Baxter. He was global general manager of Baxter’s largest division, Baxter Pharmaceuticals and Therapies, where he drove significant improvements in the performance and operating efficiency of the business, helping to transform it into Baxter’s top-performing business unit. In a previous role, Mr. Farhat successfully turned around Baxter’s Global Infusion Systems business division under a consent decree. Mr. Farhat also served as vice president of business development at Medtronic and as global general manager of the company’s Gastroenterology and Urology divisions. Earlier in his career, Mr. Farhat gained broad executive experience at GE with roles in multiple businesses, geographies and functional areas, leading to his last role as general manager of GE Healthcare’s global Computed Tomography business.

“I am excited to have the opportunity to shape RTI’s strategic direction and return it to sustainable growth,” said Mr. Farhat. “The RTI leadership team, its talented employees and I will dedicate ourselves to developing successful strategies for each business area to ensure we are better addressing our patients’ critical needs and leading the industry in innovation and quality. In doing so, I am confident that we will advance RTI’s path to growth and success.”

Mr. Farhat earned an M.B.A. from Harvard University, a degree in European Union studies from Institut National d’Etudes Politiques de Paris and a B.S. B.A. in finance and accounting from Northeastern University.

RTI’s board worked with Spencer Stuart on the search process.

About RTI Surgical Inc. RTI Surgical is a leading global surgical implant company providing surgeons with safe biologic, metal and synthetic implants. Committed to delivering a higher standard, RTI’s implants are used in sports medicine, general surgery, spine, orthopedic, trauma and cardiothoracic procedures and are distributed in nearly 50 countries. RTI is headquartered in Alachua, Fla., and has four manufacturing facilities throughout the U.S. and Europe. RTI is accredited in the U.S. by the American Association of Tissue Banks. For more information, please visit


Custopharm Acquires Products from Perrigo

Custopharm, Inc., a U.S. leader in generic injectable products, announced today that it has acquired two paragraph IV abbreviated new drug application (ANDA) products from Perrigo Company plc.

The company has attained full-ownership rights to acetaminophen injection (“acetaminophen”) and testosterone undecanoate injection (“testosterone”). Acetaminophen is indicated for the management of mild to moderate pain and reduction of fever in the clinical setting. Testosterone is indicated for testosterone replacement therapy in adult males.

“Both of these products are a tremendous fit with Custopharm’s already diverse offering of specialized and high barrier generic pharmaceutical products,” said Dr. William Larkins, chief executive officer, Custopharm. “Our team is excited to acquire these products and begin preparations to bring lower-cost alternatives to these product categories.”

Custopharm has developed more than 30 pharmaceutical products over the past ten years. In 2015, the company partnered with Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, to invest in and expand its capabilities. In the past year, the company has more than doubled its laboratory capacity and team of analytical and formulation scientists and technology transfer process engineers.

Custopharm plans to market the acetaminophen and testosterone products under its new commercial business arm, Leucadia Pharmaceuticals. The company is pursuing new opportunities to collaborate with pharmaceutical and biotechnology companies and expand its product portfolio.

About Custopharm

Custopharm is a generic injectable drug services company. The company specializes in developing a range of generic injectable products, including those with complex formulations. Custopharm also offers regulatory consulting services to help customers with drafting and filing abbreviated new drug applications. Headquartered in Carlsbad, Calif., Custopharm has grown to work with more than 100 pharmaceutical companies since its founding in 2005. Custopharm is a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry.


Water Street Announces Investment in MedPlast

Water Street Healthcare Partners and JLL Partners announced today that they have acquired MedPlast, Inc. Headquartered in Tempe, Arizona, MedPlast is a leading global services provider to the medical device industry.

MedPlast offers a range of engineering and manufacturing capabilities that support the world’s leading original equipment manufacturers (OEMs) with producing diagnostic, orthopedic, surgical and other medical products. The company employs more than 1,800 engineers, technicians and assembly workers who specialize in technical molding, advanced processing, device assembly and implantables with expertise in plastics. Over the past five years, MedPlast has expanded its operations to encompass 11 ISO-certified facilities across the United States, China, Mexico and the United Kingdom.

“MedPlast has well-established and trusted relationships with the world’s leading medical manufacturers who value the company’s high-quality standards that meet their demanding industry regulations. We will work with MedPlast’s team to expand its suite of capabilities into new areas to form a comprehensive, integrated portfolio of end-to-end product solutions,” said Peter Strothman, partner, Water Street.

A $40 billion-dollar market, medical device services continues to grow as increasing numbers of original equipment manufacturers turn to outsourcing providers to generate cost and time efficiencies. It is a highly fragmented sector with hundreds of providers offering design, engineering, manufacturing supply chain and logistical services.

“MedPlast stands out for its health care expertise, extensive global footprint and breadth of high- quality capabilities,” said Daniel Agroskin, partner, JLL Partners. “Together with Water Street, we will invest our expertise and resources to expand MedPlast’s services into high-value areas and build on its strong base of long-term customer relationships.”

MedPlast is the second collaboration between JLL Partners and Water Street. The firms recently worked together to build Bioclinica, Inc. into one of the world’s leading providers of specialty outsourced clinical trial solutions.

“Our partnership with JLL and Water Street is an important step toward achieving our goal of building MedPlast into an end-to-end services provider focused on the health care industry,” said MedPlast Chief Executive Officer Harold Faig. “For the past eight years, we have optimized our capabilities toward health care. This acquisition will give us access to expertise and resources to grow our core competencies into areas that will bring considerable value to our customers.”


Water Street Announces New Investment

Water Street Healthcare Partners announced today that it has invested in The Access Group.

Headquartered in Berkeley Heights, New Jersey, The Access Group creates and executes strategies that support the world’s leading biopharmaceutical companies with maximizing their products’ access to managed markets and patients. Water Street is committing equity to expand the company’s services into a broader commercialization offering.

“Our partnership with Water Street is an important first step toward bolstering Access Group’s portfolio of strategic services,” said Eric Bishea, chief executive officer, The Access Group. “Water Street has an outstanding track record of leveraging its team’s industry expertise and network of resources to create multifaceted, differentiated pharmaceutical services companies. Its experience will be invaluable as we work to invest in Access Group’s future and extend our offering into areas that will achieve optimal outcomes on behalf of our clients.”

The Access Group offers pharmaceutical companies specialized expertise and capabilities that define and communicate drug therapies’ value proposition to payers; educate the medical community on new drugs; and create and execute strategies that brand and market their products. Founded in 1998, The Access Group has grown to work with more than 90 pharmaceutical companies on products spanning 75 therapeutic areas from early-stage development through patent expiration. In the past four years, the company has achieved double-digit growth as demand for its services has increased in the escalating regulatory environment.

“The Access Group offers a core suite of services that the biopharmaceutical market is looking for and needs to be successful in today’s rapidly changing climate,” said Peter Strothman, partner, Water Street. “Stricter regulations, different health care models, and increasingly complex reimbursement policies are making it more challenging than ever for pharma companies. They value The Access Group’s clinical expertise and collaboration in getting their products admitted to managed markets and in the hands of the patients who need them.”

“Our goal is to build on Access Group’s strong market presence and long-standing client relationships to create a comprehensive commercialization services offering,” said Steve Cosler, operating partner, Water Street. “We will do this through a combination of organic investments and strategic acquisitions that will extend Access Group’s services into areas that address critical industry challenges and drive greater value for clients in the future.”

The Access Group is the latest business to join Water Street’s family of companies specializing in pharmaceutical products and services businesses. The firm currently owns 14 companies across four health care sectors: medical and diagnostic products, outsourced health care services, specialty distribution, and pharmaceutical products and services.


Water Street Completes Sale of Bioclinica

Water Street Healthcare Partners announced today that it has completed the sale of Bioclinica, Inc., one of the world’s leading providers of specialty outsourced clinical trial solutions.

Water Street’s partnership with Bioclinica began in 2013 when the health care firm completed a proprietary investment in CCBR-SYNARC.  One year later, Water Street facilitated a market-leading merger between CCBR-SYNARC and Bioclinica that elevated the company to a market leader.  Bioclinica completed six more strategic acquisitions that broadened and strengthened its capabilities across every major phase of clinical development.

Working with Water Street, Bioclinica expanded its customer base to encompass more than 400 of the world’s premier pharmaceutical, contract research organizations and medical device companies, including all of the top 100 pharmaceutical companies and top 10 CROs.  In the past two years, Bioclinica’s revenues increased more than 60 percent and its employee population doubled to more than 2,600 people.

Peter Strothman, partner, Water Street said, “We are very pleased that our collaboration with Bioclinica achieved our goal of building its capabilities into a highly valuable business.  It is gratifying to see our combined work culminate in a sale that will bring new opportunities to the company and deliver an outstanding return to our investors.”

About Bioclinica

Bioclinica is a specialty services provider that utilizes expertise and technology to create clarity in the clinical trial process. Bioclinica is organized by three business segments to deliver focused service supporting multifaceted technologies. The Medical Imaging and Biomarkers segment provides medical imaging and cardiac safety services and includes a molecular marker laboratory. The eHealth Solutions segment comprises the eClinical Solutions platform; Clinverse Financial Lifecycle Solutions; Safety and Regulatory Solutions; Strategic Consulting Services; App xChange Alliances; and eHealth Cloud Services. Under the Global Clinical Research segment, Bioclinica offers a network of research sites, patient recruitment-retention services, and a post-approval research division. The Company serves more than 400 pharmaceutical, biotechnology and device organizations – including all of the top 20 – through a network of offices in the U.S., Europe and Asia. Learn more at


Water Street Appoints Vice President

Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, announced today that it has appointed Nicklaus Daley to vice president.

Mr. Daley augments Water Street’s team of senior investment professionals and former executives of health care corporations including Baxter International Inc., CVS Caremark Corporation, Johnson & Johnson and McKesson Corporation.

Mr. Daley will support Water Street with identifying and executing new investment opportunities in the firm’s targeted health care sectors. He also will assist with the strategic management of Water Street’s group of health care companies. Prior to Water Street, Mr. Daley worked as an associate with CIVC Partners. He also worked at Houlihan Lokey and the consulting practice of Bain & Company. Mr. Daley received his bachelor’s degree in economics from the Wharton School at the University of Pennsylvania. He earned his master’s degree in business administration from Northwestern University’s Kellogg School of Management.

“We are pleased to grow Water Street as we continue to expand our family of health care companies. It has been a busy year with our team investing in a services company and facilitating four strategic acquisitions to strengthen and extend our companies’ capabilities,” said Tim Dugan, managing partner, Water Street. “We continue to be focused on proactively engaging with health care leaders to discuss new ways that we can align our team’s health care expertise and resources to support them in achieving their objectives for value creation.”

Water Street has completed more than 70 strategic acquisitions and mergers to build 25 market-leading health care companies since raising its first fund 10 years ago. The firm recently announced that it signed an agreement to sell its specialty clinical trial solutions business, Bioclinica, Inc. Water Street is continuing to pursue proprietary investment opportunities in four segments of health care: medical and diagnostic products and devices, specialty distribution, health care services, and specialty pharmaceutical products and services. Target investments range in size from $50 million to $500 million in value.