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Walgreens Signs Agreement with Water Street

Walgreen Co. (NYSE: WAG) (Nasdaq: WAG) announced today that it has signed a definitive agreement with Water Street Healthcare Partners (Water Street), a strategic investor focused exclusively on the health care industry, in which Water Street will acquire a majority interest in Take Care Employer Solutions, LLC. Take Care Employer Solutions is a Walgreens subsidiary that manages more than 360 worksite health centers nationwide.

Water Street also has signed an agreement to simultaneously invest in CHS™ Health Services (CHS), a premier provider of more than 130 worksite health centers. Water Street will merge Take Care Employer Solutions and CHS to form a new company dedicated to providing worksite health centers that improve the cost and quality of employee health care. The new company will have more than 85 years of combined experience in employer health solutions and will serve more than 200 leading corporations through nearly 500 worksite health and wellness centers located across the country.

“Walgreens, CHS and Water Street share a goal of maximizing employers’ return on their health care investment,” said Dr. Jeffrey Kang, Walgreens senior vice president of health and wellness services and solutions. “This strategic decision to bring together our organizations’ expertise, capabilities and resources to create a leading worksite health and wellness company provides us an opportunity to play an even greater role in improving the cost and quality of workforce health care. Through our continued involvement in the business and as a preferred strategic partner with Water Street, Walgreens expects to accelerate tighter connections with employers – an important stakeholder in the health care delivery system.”

“CHS and Take Care Employer Solutions are both deeply committed to finding new ways to drive positive health care outcomes for our clients and their employees. This merger will provide us with a significant opportunity to transform onsite health care. Together, we will have the experience and resources to create innovative strategies that will improve patient engagement and positively impact health outcomes,” said Stuart Clark, CEO, CHS.

Water Street will own a majority interest in the new company, and Walgreens will own a significant minority interest and have representatives on the new company’s board of directors. The new company will be led by Stuart Clark, CEO. Trent Riley, divisional vice president, Take Care Employer Solutions Group, will serve as COO. The name of the new company will be determined during the integration process.

“We are pleased that Walgreens and CHS have selected Water Street to collaboratively and strategically grow their businesses. We will leverage our team’s experience and network of relationships in health care services to expand the new company’s capabilities and create greater long-term value for the business and clients,” said Steve Cosler, an operating partner with Water Street who has more than 20 years of experience in outsourced health care.

Walgreens will continue to manage its existing worksite pharmacies in collaboration with the new company.

Healthcare Clinic at select Walgreens, with more than 400 in-store clinic locations that formerly operated under the Take Care Clinic name, is not part of this transaction. Walgreens will continue to manage these clinics.

Comprehensive Health Services, Inc. (CHSi), an entity related to CHS that specializes in government contracting health services and logistics, is not part of this transaction. It will remain an independent organization with no changes to its ownership structure or leadership team.

Financial terms of the agreement were not disclosed. Walgreens anticipates the transaction will not have a material impact on earnings per share in fiscal year 2014. The transaction is subject to satisfaction of regulatory requirements and other conditions, and is expected to close by mid-calendar year 2014. Until the close of the transaction, Take Care Employer Solutions and CHS will operate business as usual and as separate companies.

About Walgreens

As the nation's largest drugstore chain with fiscal 2013 sales of $72 billion, Walgreens (www.walgreens.com) vision is to be the first choice in health and daily living for everyone in America, and beyond. Each day, Walgreens provides more than 6 million customers the most convenient, multichannel access to consumer goods and services and trusted, cost-effective pharmacy, health and wellness services and advice in communities across America. Walgreens scope of pharmacy services includes retail, specialty, infusion, medical facility and mail service, along with respiratory services. These services improve health outcomes and lower costs for payers including employers, managed care organizations, health systems, pharmacy benefit managers and the public sector. The company operates 8,210 drugstores in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Walgreens also manages Healthcare Clinic at select Walgreens, with more than 400 locations throughout the country.

About Take Care Employer Solutions

Since its formation through the combination of CHD Meridian, Whole Health Management and Walgreens workplace pharmacy operations in 2008, Take Care Employer Solutions has built its business to become the nation’s premier provider of employer-based health care services. Take Care Employer Solutions serves 180 clients across multiple industries, and has more than 360 health centers, pharmacies and fitness centers located across 45 states, the District of Columbia and Guam. Take Care Employer Solutions has received AAAHC Medical Home accreditation, recognizing that all of its primary care worksite health centers meet AAAHC requirements to be considered a patient-centered medical home – embodying best practices and operating in compliance with nationally-recognized standards of care.

About CHS

Founded in 1975, CHS is one of the largest providers of worksite health centers for employers in the United States. The company operates more than 130 employer-based worksite health centers that focus on patient engagement and behavioral change to improve health and mitigate costs. CHS customizes its programs to align with each employer’s benefits strategy and goals. The company is headquartered in Brentwood, Tennessee.

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Temptime Announces Strategic Alliance

Temptime Corporation, the world’s leading provider of time-temperature indicators to the health care industry, today announced a strategic alliance with Thin Film Electronics ASA (“Thinfilm”) (OSE: THIN.OL), a leader in the development of printed electronics.

The companies will collaborate to develop the health care industry’s first temperature indicators featuring electronic technology that will alert people through digital display if medical products have been exposed to potentially damaging temperatures.

“Temptime is highly regarded as the pioneer and leading authority on the science behind temperature monitoring technology. The company serves the world’s largest healthcare organizations and leading manufacturers,” stated Davor Sutija, CEO of Thin Film. “I’m delighted Temptime has selected Thinfilm technology to deliver new and leading-edge products to its customers.”

The proper storage of temperature-sensitive medical products such as pharmaceuticals, vaccines and medical devices is critical to a product’s efficacy and patient safety profile.  The digital display on Thinfilm’s smart labels eliminates any ambiguity around temperature readings and clearly indicates if an excursion has occurred. Temptime is the first company that will invest in adding the smart labels with integrated electronic sensing and digital display technology to its portfolio of devices that support the world’s leading health organizations with their efforts to safely distribute medical products around the world.

“This agreement is another initiative that supports Temptime’s mission of improving global health and patient safety through solutions that alert people to the risk of using medical products damaged by extreme temperatures,” said Renaat Van den Hooff, president, Temptime. “We are pleased to align with Thinfilm, an equally innovative company, to develop and produce cost-effective, electronic temperature indicators that accurately communicate critical temperature threshold data.”

Terms of the deal include a development-related investment from Temptime and commercial pre-orders for samples that can be shared with customers, the timing for which is still to be determined.

In addition to Thinfilm’s own technology and logic, key components of the smart labels will be provided by several Thinfilm ecosystem partners, including thermistors from PST and electrochromic displays from Acreo.

About Temptime

Temptime is the world leader in time-temperature indicators to the health care industry. The company plays a vital role in improving global health by providing solutions that monitor temperature-sensitive medical and biological products and devices. The world’s largest health organizations and manufacturers use Temptime’s indicators to support them with safely distributing medical products and supplies around the world. Temptime is a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry. To learn more about Temptime, please visit www.temptimecorp.com.

About Thin Film Electronics ASA

Thin Film Electronics ASA (Ticker: THIN.OL) is a leader in the development of Printed Electronics. The first to commercialize printed rewritable memory, Thinfilm is creating printed system products that will include memory, sensing, display and wireless communication-at a cost-per-functionality unmatched by any other electronic technology. Thinfilm’s roadmap of system products integrates technology from a strong and growing ecosystem of partners to enable the Internet of Things by bringing intelligence to disposable goods. Company headquarters are in Oslo, Norway, with product development in Linköping, Sweden, sales offices in San Francisco, USA, and Tokyo, Japan, and manufacturing in Pyongtaek, South Korea. www.thinfilm.no

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Water Street Completes Merger of CCBR-SYNARC & BioClinica

Water Street announced today that it has completed the merger of its company CCBR-SYNARC with BioClinica, Inc. to create a leading global provider of specialty outsourced clinical services.

Water Street invested in  CCBR-SYNARC in 2013 and reached an agreement earlier this year with JLL Partners to combine the company with BioClinica.  Together, BioClinica and CCBR-SYNARC offer a comprehensive suite of services that support the world’s largest pharmaceutical and biotechnology companies with reducing the cost and time of global clinical trials.

“This merger creates a market leader uniquely positioned to support pharmaceutical companies with managing key components of their clinical trials,” said Peter Strothman, partner, Water Street.  “Together, CCBR-SYNARC and BioClinica offer the industry’s most comprehensive clinical imaging program across all major therapeutic areas that can interact with any contract research organization.  In addition, they offer complementary services and software solutions in the high-growth areas of patient recruitment and clinical development.”

Dan Agroskin, partner, JLL Partners, added, “Pharmaceutical and biotechnology companies are increasingly turning to outside specialists to help them manage the cost and complexities of drug development.  As one entity, CCBR-SYNARC and BioClinica offer a combination of scientific expertise, clinical trial experience and advanced technologies that solve challenges across the drug development continuum.  Their solutions are proven to reduce clinical trial costs, shorten drug development time, and improve data quality and compliance.”

Together, CCBR-SYNARC and BioClinica support pharmaceutical and biotechnology companies with a portfolio of specialized outsourced services that include:

• Medical Imaging analysis and consultation that track the effectiveness of new drugs and medical devices across major therapeutic areas, including oncology, neurology, musculoskeletal and cardiology;

• Patient Recruitment through a global network of 26 dedicated research centers that enroll and retain qualified patients from targeted geographies to participate in trials;

• Software Solutions and consulting services that improve the efficiency and management of the drug development process, including EDC, CTMS and IVR/IWR solutions;

• Cardiovascular safety and efficacy that measure the effects of compounds under development on cardiac health, and;

• Central Lab Services that analyze biological samples originating from Phase I-IV trials.

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CCBR-SYNARC Announces Market-Leading Merger

CCBR-SYNARC and BioClinica, Inc. announced today that they have signed an agreement to merge their companies to create a leading global provider of specialized outsourced clinical services.

The combined company will offer a portfolio of services uniquely tailored to conducting and managing global clinical trials on behalf of the world’s premier pharmaceutical and biotechnology companies.  Jeffrey McMullen, vice chairman of inVentiv Health, Inc., will serve as chairman of the combined company.  Mark Weinstein, president & CEO of BioClinica, will serve as CEO.

Mr. McMullen, who has more than 40 years of experience in the drug development industry, said, “This is a ground-breaking merger that will bring together two of the industry’s most experienced providers of specialized clinical trial services.  Combining CCBR-SYNARC and BioClinica into a single company will offer customers exceptional scientific expertise and sophisticated technologies to support their drug development processes and accelerate the pace of their innovation.”

As one entity, BioClinica and CCBR-SYNARC will become the market-leading provider of four highly specialized services that increase the speed and efficiency of global clinical trials.  The combined company will provide customers with medical imaging services that track the effectiveness of new drugs across multiple therapeutic areas, including oncology, neurology and musculoskeletal. It will offer an extensive worldwide network of research centers dedicated to recruiting patients for global trials.  It will provide state-of-the-art technology and consulting services to support the overall drug development process, as well as services to monitor the cardiac safety of compounds under development.  It also will offer central lab capabilities to analyze biological samples originating from clinical trials.

This merger comes at a time when demand for outsourced pharmaceutical services is projected to grow more than five percent per year over the next five years. Pharmaceutical companies are increasingly turning to specialists to help them manage their drug development processes. Together, BioClinica and CCBR-SYNARC will serve the world’s leading pharmaceutical and biotech companies through board-certified oncologists, radiologists, cardiologists and medical researchers located in centers throughout Asia, Europe and The Americas.  With nearly 50 years of combined experience, BioClinica and CCBR-SYNARC have completed more than 5,000 clinical trials to support customers with introducing new medicines across key therapeutic areas.

The transaction is expected to close in the first quarter of 2014.  Financial terms are not being disclosed.

About CCBR-SYNARC CCBR-SYNARC is a highly specialized provider of clinical services to the world’s largest pharmaceutical and biotechnology companies.  The company’s SYNARC business specializes in imaging services, consultation and analysis to track progress throughout a clinical trial’s life cycle.  Its CCBR business features 26 clinical centers located around the world to recruit patients for trials conducted in those centers.  CCBR-SYNARC is a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry.

About BioClinica, Inc. BioClinica, Inc. is a leading global provider of integrated, technology-enhanced clinical trial management services. The 2013 merger with CoreLab Partners has created a new standard in imaging core lab services including electronic transfer, management, and independent review; cardiovascular safety monitoring including automated ECG, Thorough QT studies, Holter monitoring, ambulatory blood pressure monitoring and pulse wave analysis; and eClinical solutions for electronic data capture, randomization, clinical trial management, and clinical supply chain forecasting and optimization. BioClinica operates state-of-the-art, regulatory-body-compliant imaging core labs on two continents, and supports worldwide comprehensive cardiovascular safety, and eClinical and data management services from offices in the United States, Europe and Asia. BioClinica is owned by JLL Partners, Inc. and Ampersand Capital Partners.  For more information, please visit www.bioclinica.com.

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Temptime Expands Product Offering with Acquisition

Temptime Corporation, the world’s leading provider of time-temperature indicators to the health care industry, announced today that it has acquired Enfield, Conn.-based William Laboratories to expand into blood temperature monitoring solutions.

Temptime’s acquisition is a significant step toward expanding its capabilities since it partnered in September with Water Street Healthcare Partners, a strategic investor focused exclusively on health care.

Temptime’s devices are used by the world’s largest health organizations and pharmaceutical companies to alert them if vaccines and other medical products have been exposed to temperatures that could damage or alter their effectiveness.  Temptime’s acquisition of William Laboratories expands the company into devices that monitor the temperature of blood and other biological products.  William Laboratories’ core product, the Safe-T-Vue® temperature indicator, has been employed by hospital blood banks, operating and emergency rooms, and trauma services for more than two decades to store and transport blood within temperatures approved by the FDA.

“Our acquisition of William Laboratories is one more initiative that we are leading to achieve Temptime’s mission of improving global health through solutions that protect people from the risk of using medical products damaged by extreme temperatures,” said Renaat Van den Hooff, president, Temptime.  “We are deeply committed to our customers, and will continue to look for opportunities to extend Temptime’s support of our customers’ distribution practices to encompass a full range of medical and biological products.”

Lois Sharpless, president, William Laboratories, added, “We are honored to become part of Temptime.  It is a prestigious organization that does so much good around the world.  Our products and customers will be in the hands of experts who are dedicated to the highest standard of time-temperature indicator technology.  With Temptime, our products will reach and make a difference in many lives.”

Founded in 1987, Temptime and its scientists developed the first technology to monitor temperature exposure of vials containing the oral polio vaccine.  In September 2013, the company chose to partner with Water Street to expand its capabilities and grow its business.  In addition to acquiring William Laboratories, Temptime and Water Street plan to make strategic investments to expand Temptime’s products to new markets, advance the company’s research and development program, and increase its production capabilities.

About Temptime

Temptime is the world leader in time-temperature indicators to the health care industry.  The company plays a vital role in improving global health by providing solutions that monitor temperature-sensitive medical and biological products and devices.  The world’s largest health organizations and manufacturers use Temptime’s indicators to support them with safely distributing medical products and supplies around the world.  Temptime is a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry.  To learn more about Temptime, please visit www.temptimecorp.com.

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Water Street Sells Medical Specialties Distributors

Water Street announced today that it has sold Stoughton, Mass.-based Medical Specialties Distributors, LLC (“MSD”) to New Mountain Capital.

Water Street partnered with MSD’s management team in 2010 to build the company into the nation’s leading distributor and solutions provider to the growing alternate-site home infusion therapy market.

MSD has achieved strong double-digit growth annually since Water Street invested in the company.  Working with management, Water Street developed and executed a strategic plan that expanded MSD’s capabilities and extended its offering into new markets as demand for intravenous (IV) therapy in the home increased.  In June 2013, MSD acquired Medical Technology Resources, LLC (“MTR”) to further its leadership position in the home infusion market.  Today, MSD serves more than 4,000 health care providers across North America with a total enterprise solution comprised of infusion therapy products, supplies, biomedical services and information technology solutions.

“Water Street has been instrumental in our company’s success. Its team helped us generate new ideas and expand our relationships with the industry’s leading manufacturers and multi-site health care providers. We transformed MSD’s products and services into a holistic offering uniquely tailored to the needs of our customers.  We look forward to building on the strong foundation we created with Water Street,” said Jim Beck, president and CEO, MSD.

“We were fortunate to partner with a terrific management team, led by Jim, to build MSD into a market leader.  Together, we developed and executed a strategic plan that expanded the company’s core capabilities and positioned MSD as the only distributor that can support customers with a total enterprise solution of products and value-added services,” said Rob Womsley, partner, Water Street.

Water Street’s sale of MSD is the health care firm’s fourth divestiture in the past two months.  It recently sold its pharmaceutical services company AAIPharma Services Corp. to Cambridge Major Laboratories.  In October, Water Street sold two laboratory services companies: ConVerge Diagnostic Services to Quest Diagnostics and PLUS Diagnostics to Miraca Life Sciences.  Water Street also recently invested in Temptime Corporation, which specializes in time-temperature indicators, as well as a company that is developing multiple generic product families on behalf of a global pharmaceutical leader.

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Water Street Expands Team

Water Street Healthcare Partners announced that it has appointed Katie Ossman to vice president.

Ms. Ossman 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.

Ms. Ossman will support Water Street with identifying new investment opportunities, and developing and implementing strategic plans to expand its group of health care companies.  Prior to Water Street, Ms. Ossman worked as an associate with Avista Capital Partners, where she focused on investments in the health care, consumer and industrials sectors.  She began her career in investment banking with J.P. Morgan.  Ms. Ossman received her bachelor’s degree in economics from the Wharton School at the University of Pennsylvania.  She earned her master’s degree in business administration from the University of Chicago’s Booth School of Business.

“We are pleased to add Katie to our team as we continue to invest in and grow our family of health care companies,” said Tim Dugan, managing partner, Water Street.  “Our team’s unique combination of deep industry expertise and years of experience investing in and operating global health care businesses has been, and will continue to be, core to our success of building market-leading companies of greater long-term value across key growth sectors in health care.”

Water Street has completed more than 45 strategic acquisitions and mergers to build 20 market-leading health care companies since raising its first fund seven years ago.  The firm is continuing to pursue proprietary investment opportunities in four segments of health care:  medical and diagnostic products and devices, specialty distribution, outsourced health care services, and specialty pharmaceutical products and services.  Target investments range in size from $50 million to $500 million in value.

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Water Street Sells Pharmaceutical Services Company

Water Street Healthcare Partners announced today that it has sold its outsourced pharmaceutical services company AAIPharma Services Corp. (“AAIPharma”) to Cambridge Major Laboratories Inc. (“CML”).  The transaction marks Water Street’s fourth strategic transaction in the past three weeks.

Water Street acquired AAIPharma in 2009 when it was a division of a global corporation and transitioned it to a standalone company.  Together with management, Water Street created and executed a strategic expansion program that transformed AAIPharma into a leading independent provider of pharmaceutical development services.   Over the past two years, AAIPharma has opened a 40,000-square foot technology center, expanded its manufacturing centers and completed a market-leading acquisition that extended its capabilities into the growing material testing services market.  Today, AAIPharma provides services that encompass all phases of drug development to more than 500 of the world’s leading pharmaceutical companies.

“We are pleased that the transformation of AAIPharma into a leading provider of drug development and manufacturing services resulted in a sale that creates an industry leader and delivers an outstanding return to our investors,” said Peter Strothman, a partner with Water Street.  “We leveraged our team’s extensive pharmaceutical expertise and network of relationships to build on AAIPharma’s core scientific capabilities. Since our investment, the company has doubled its customer base and achieved tremendous growth to create meaningful long-term value for its customers, employees and our investors.”

Water Street’s sale of AAIPharma follows its investment earlier this month in a company that will develop multiple generic product families on behalf of a global pharmaceutical leader.  Water Street also sold two companies in October.  Last week, it sold its anatomic pathology (AP) company PLUS Diagnostics to Miraca Life Sciences to make Miraca the largest independent AP company in the United States.  A week earlier, Water Street sold its New England laboratory company ConVerge Diagnostic Services to Quest Diagnostics.

“We are grateful that our focused strategy to build market-leading health care companies has led to them being acquired by global leaders who are committed to building on their unique capabilities and services,” said Tim Dugan, managing partner, Water Street.  “Our team’s deep expertise in health care, extensive operating experience and demonstrated ability to achieve transformational growth has been, and will continue to be, core to the success of Water Street and our family of health care companies.”

Water Street has completed more than 45 strategic acquisitions and mergers to build 20 market-leading health care companies in the past seven years.  It is continuing to pursue proprietary investment opportunities in four segments of health care:  medical and diagnostic products and devices, specialty distribution, outsourced health care services, and specialty pharmaceutical products and services.  Target investments range in size from $50 million to $500 million in value.

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Water Street Sells Anatomic Pathology Company

Water Street Healthcare Partners announced today that it has sold its anatomic pathology company, PLUS Diagnostics (“PLUS”), to Miraca Life Sciences.

Water Street built PLUS into a national leader following its investment in the Irvine, Calif.-based company.  Its sale of PLUS to Miraca Life Sciences makes Miraca the largest independent anatomic pathology laboratory company in the United States.

Water Street acquired PLUS in 2006 when it was a regional laboratory.  It invested its team’s industry expertise and network of resources to transform PLUS into a national leader offering a comprehensive menu of specialty diagnostic testing and consultative services. Working with CEO David Pauluzzi, Water Street supported PLUS with opening bi-coastal laboratories, introducing innovative new tests and recruiting an experienced team of nationally recognized pathologists.

In seven years, PLUS tripled its laboratory capacity and expanded its capabilities into dermatopathology, hematopathology, and gastrointestinal and genitourinary pathology to serve a growing base of U.S. customers.

“Together with David and his management team, we transformed PLUS into a national leader that is highly regarded for offering innovative diagnostic services customized to the unique needs of providers across a range of medical specialties,” said Ned Villers, a partner with Water Street and a member of the PLUS board of directors.  “We are pleased that the successful execution of our value-creation strategy resulted in PLUS being acquired by Miraca Life Sciences to achieve Miraca’s vision of becoming the nation’s leading independent pathology laboratory company.”

PLUS’ laboratories in New Jersey and California will be added to Miraca Life Sciences’ national network of seven labs to serve more than 5,500 patients each day.

“We are eager to combine resources with PLUS Diagnostics, which will allow us to expand our commitment to our clients and our patients by partnering with a substantial and well-respected pathology institution,” said Miraca Life Sciences President and CEO Dr. Frank Basile.  “PLUS shares our vision and commitment to deliver personalized customer service and the highest quality diagnostic and prognostic information.  We expect to be able to extend our world-class pathology services to a broader base of physicians and patients thanks to this transaction.”

About Miraca Life Sciences Serving more than 3,500 patients each day, Miraca Life Sciences is a leader in providing an academic-caliber pathology laboratory with diagnostic services in the fields of dermatology, gastroenterology, hematology and urology. Building upon our experience with health IT, we also offer accessible technology solutions to assist healthcare professionals as they work towards accordance with Meaningful Use initiatives.

Miraca Life Sciences, a wholly-owned subsidiary of Japan-based Miraca Holdings Inc., employs a talented team of leading pathologists, histologists, lab technicians, technology consultants, and other medical professionals — all driven to help provide the highest and most up-to-date levels of diagnostic quality, enhanced workflow and practice solutions possible. It is part of our commitment: not only to scientific excellence, but to patients and pr

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Quest Diagnostics Buys Water Street Company

Water Street Healthcare Partners announced today that it has sold ConVerge Diagnostic Services to Quest Diagnostics (NYSE: DGX), the world’s leading provider of diagnostic information services.

Headquartered in Peabody, Mass, ConVerge is a leading full-service regional laboratory providing clinical, cytology and anatomic pathology testing services.

Water Street invested in ConVerge in 2009 and recruited a management team spearheaded by Bob Gorman, a leader with more than 20 years of laboratory services experience.  Together, Water Street and the company’s management team expanded ConVerge’s test menu and capabilities, particularly in the area of women’s health, and invested in initiatives to enhance customer service.  They also partnered with leading universities, health systems, hospitals and physician groups to grow ConVerge’s customer base and build it into a leading laboratory serving the greater New England region.

“When we invested in ConVerge, we saw an opportunity to build on the company’s core strength of clinical expertise. We worked with Bob and his team to grow ConVerge into a market leader recognized for innovation, high-touch customer service and expertise in women’s health,” said Jim Connelly, a partner with Water Street and a director of ConVerge.  “We are pleased that the combination of our team’s industry expertise and Bob’s leadership to strategically expand ConVerge’s capabilities and customers led to the company being acquired by the global industry leader in diagnostic information services with the vision to build on these strengths.”

Quest Diagnostics President and Chief Executive Officer Steve Rusckowski said, “As a regional leader in women’s health that is also recognized for customer service, medical expertise and innovation, ConVerge is a strong strategic fit with our business. The addition of ConVerge to the Quest family will extend the range of diagnostic information services patients and providers can access in the region while also combining the considerable medical leadership of both companies to spur new innovations that improve patient outcomes.”

Financial terms of the acquisition were not disclosed.

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