Water Street sells clinical laboratory to Quest Diagnostics

 

Headquartered in Peabody, Massachusetts, ConVerge is a 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 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 recognised for innovation, high-touch customer service and expertise in women’s health,” says 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 says: “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 have not been disclosed.