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November 22020

Water Street Announces New Appointment

Chicago – Water Street Healthcare Partners announced today that it has appointed Michael S. Zappala to vice president. Mr. Zappala augments Water Street’s team of senior investment professionals and former executives of global healthcare businesses, including Baxter, B. Braun Medical Inc., Johnson & Johnson and McKesson Corporation.

Mr. Zappala brings to Water Street a strong background in sourcing, investing in and growing middle-market businesses. He previously served as a vice president at Tengram Capital Partners, where he helped build a portfolio of companies with exceptional consumer brands. Previously, he focused on equity investments across the consumer, retail, energy, industrial and health care sectors at CCMP Capital. Mr. Zappala earned a bachelor’s degree in finance from Boston College’s Carroll School of Management.

“We are pleased to add to our team as we steadily expand our group of health care companies. This year has been exceptionally busy with our team identifying creative ways to partner with founders and executives to grow their health care businesses in the face of unprecedented dynamics associated with COVID-19. We are actively pursuing a strong pipeline of opportunities where we can leverage our team’s industry expertise and network of resources to achieve our goal of building market-leading companies of greater long-term value,” said Tim Dugan, managing partner, Water Street.

Water Street has completed more than 125 strategic acquisitions and mergers to build 34 health care companies since raising its first fund in 2006. The firm recently announced an agreement with STERIS plc, in which STERIS will acquire Key Surgical, a company that Water Street built into a leading provider of sterile processing and operating room products. Water Street is continuing to pursue proprietary investment opportunities in three key health care sectors: health care services, medical products and diagnostics, and pharmaceutical and life sciences. Its target investments range in size from $50 million to $500 million in value.

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