Water Street invests in specialty diagnostics company
Private investment firm Water Street Healthcare Partners has invested in Orgentec Diagnostika, a specialty diagnostics company headquartered in Mainz, Germany.
The investment expands Water Street's global presence in the growing specialty diagnostics sector, particularly in Europe and emerging markets.
Scott Garrett, former chairman and CEO of Beckman Coulter and senior operating partner with Water Street, will serve as chairman of Orgentec.
Water Street has committed equity to both acquire a majority position in Orgentec and invest in future acquisitions. Orgentec currently specialises in diagnostic assays for autoimmune and infectious diseases. It offers a portfolio of more than 300 tests, primarily enzyme-linked immunosorbent assays (ELISA), that help diagnose rheumatology, thrombosis and gastroenterology disorders, as well as infectious diseases.
Orgentec has a well-established position in Europe and a growing presence in Asia, Latin America and the Middle East.
Wigbert Berg, who co-founded Orgentec in 1988, says: "I'm excited to partner with Water Street to expand Orgentec into new areas of testing and increase our presence in emerging markets. Water Street has incredibly deep knowledge and extensive relationships in our industry. Its team has worked closely with us to create a plan that supports our goal of thoughtfully growing Orgentec into a global leader that will bring greater value to our customers and employees."
Berg will maintain an ownership position in Orgentec and serve on the company's board of directors. He and Water Street have appointed Werner Hofacher, an executive with more than 30 years of experience in the diagnostics industry, to serve as CEO. Hofacher most recently led European operations for Beckman Coulter and previously held leadership positions at Baxter and Dade Behring.
"Water Street is focused on collaborating with strong industry players who want to build their businesses into market leaders," says Garrett. "We are pleased that our ongoing discussions with Berg on new strategies to grow Orgentec helped lead to this partnership. We are excited to use Orgentec as a platform to build a significant player in the global specialty diagnostics market through investments in research and development initiatives and targeted acquisitions."
Orgentec is Water Street's third investment in a European-based business and its second new transaction announced in the past six weeks. Last month, Water Street signed agreements to acquire and merge CHS Health Services and Take Care Employer Solutions, a subsidiary of Walgreens.
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