We use recently developed strong-coupling expansion methods to study the two-particle spectra for the frustrated alternating Heisenberg model, consisting of an alternating nearest neighbor antiferromagnetic exchange and a uniform second neighbor antiferromagnetic exchange. Starting from the limit of weakly coupled dimers, we develop high order series expansions for the effective Hamiltonian in the two-particle subspace. In the limit of a strong applied dimerization, we calculate accurately various properties of singlet and triplet bound states and quintet antibound states. We also develop series expansions for bound state energies in various sectors, which can be extrapolated using standard methods to cases where the external bond alternation goes to zero. We study the properties of singlet and triplet bound states in the latter limit and suggest a crucial role for the bound states in the unbinding of triplets and deconfinement of spin-half excitations.