NMS Capital Enters into Definitive Agreement to Exit Investment in Strive Medical

New York, NY, July 21, 2026 - NMS Capital ("NMS"), a leading private equity firm focused on investments within subsectors of Healthcare Services and Business Services, today announced that it has entered into a definitive agreement to sell Strive Medical ("Strive" or the "Company") to Cardinal Health (NYSE: CAH). NMS partnered with Strive in 2020 and through organic and inorganic growth strategies transformed the Company into one of the nation's leading independent home medical supply providers specializing in urology, wound care, ostomy, and incontinence supplies. The transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals.

Strive Medical is a leading, integrated, and independent specialty distribution platform providing a wide range of medical products across various specialties including urology, wound care, ostomy, and incontinence serving patients in the home setting. The Company's footprint consists of a patient census of over 22,000 lives across 45 states supported by a robust in-house commercial team managing over 1,200 unique referral relationships. Supported by a premier executive team with extensive healthcare services experience as well as a best-in-class technology suite, Strive Medical has grown into the partner of choice to patients, providers, and other market participants across its specialties.

NMS's investment in Strive Medical was the result of its thematic approach to investing in the specialty healthcare distribution space, an effort aimed at increasing access to care for chronically ill populations and offering those patients a broad and comprehensive portfolio of products and brands. Shortly after partnering with Strive, NMS hired seasoned industry veteran Todd Philbick, as Chief Executive Officer, to build a differentiated and scaled specialty medical supply provider. Todd and the executive team transformed the business from a founder-owned business into a tech-enabled platform streamlining workflows and driving exceptional customer satisfaction. With the foundation in place the Company built a multi-dimensional commercialization strategy underpinned by a highly effective direct sales force resulting in a broad and long-standing referral source base. The organic growth strategy was further complemented by completing five strategic acquisitions in core and adjacent markets.

Luis Gonzalez, Senior Partner and Head of Healthcare at NMS, noted, "Since partnering with Todd, the focus has been leveraging technology and our go-to-market strategy to enhance manufacturer relationships and expand our payor portfolio, which improved the patient and referral source experience and ultimately allowed the Company to build a category leader in its specialty end-markets. As a result of this transformation Strive evolved into an indispensable partner to all stakeholders."

Todd Philbrick, Chief Executive Officer of Strive Medical, commented, "Our growth trajectory since partnering with NMS is a testament to the level of service and value we deliver and bring to our patients and physician partners. Our partnership with NMS has been one marked by collaboration and a thoughtful approach to platform development. We've invested extensively in our business and are proud of the differentiated offering we bring to the market as a result. We look forward to our next chapter of collaboration with Cardinal Health and are excited to continue executing against our strategic objectives."

Cain Brothers, a division of KeyBanc Capital Markets, served as financial advisor to Strive and NMS. McDermott Will & Schulte provided legal counsel to Strive and NMS.

About Strive Medical:Strive Medical is a provider of direct-to-patient urological, wound care, ostomy, incontinence and other medical supplies to patients in the home setting, serving patients across the U.S. Strive is headquartered in Irving, Texas. Since its founding, Strive has focused on giving patients the highest quality customer service and best products available. For additional information on Strive, please visit the company's website at https://www.strivemedical.com.

About NMS Capital:
Founded in 2010, NMS Capital is an experienced private equity firm managing assets in excess of over $2 billion. Since inception, NMS has partnered with management teams in over 150 investments and follow-on acquisitions across defined investment themes within the Business Services and Healthcare Services industries. The firm's principal strategy is to create long-term value by providing strategic and operational resources to growth-oriented companies led by founders or experienced management teams. NMS has successfully built industry leading lower middle market companies in defensible and scalable end markets by accelerating organic and acquisition-driven growth.

For additional information on NMS, please visit the firm's website at https://www.nms-capital.com. Follow NMS Capital on https://www.linkedin.com/company/nms-capital.

For further information:

For NMS Capital:
Colin Durney
Principal
(212) 574-7012
[email protected]