Triad Medical to Merge With 3 Distributors

Triad Medical Inc., which canceled a $37-million initial public stock offering in January, said it has raised private funds to finance a merger with three other distributors of medical supplies.

The Laguna Hills company said it is combining operations with distributors based in Florida, Maryland and Alabama. The new company--Healthcare Technology Delivery--is expected to have annual sales of $100 million and employ 100 salespeople, Triad officials said.

Roland Wood, Triad’s controller, said the company withdrew the public offering when uncertainty over the Asian financial crisis earlier this year soured stock-market conditions. Triad had intended to raise public funds to finance the acquisition of 11 other distributors.

Two of its current merger partners--MegaTech Medical of Baltimore and Futuretech Inc. of Birmingham, Ala.--were among the original 11 distributors.

Triad President R. Tucker Coop is chairman of the new company. Regis Farrell, who heads the Largo, Fla., company, Bimeco Inc., will be president and chief executive of the combined companies.

Wood said he didn’t know where Healthcare Technology will locate its headquarters. He said that Triad’s work force of 150, including 25 employees in Laguna Hills, will be employed by the new firm.

“With any luck, we’ll grow the business and go public in the future when the market’s better,” he said.