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Water Street sells US PLUS Diagnostics to Miraca Life Sciences

Water Street Healthcare Partners has sold its anatomic pathology company, PLUS Diagnostics, to Miraca Life Sciences.

The deal makes Miraca the largest independent anatomic pathology laboratory company in the US.
 
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 chief executive David Pauluzzi, Water Street supported PLUS with opening bi-coastal laboratories, introducing innovative new tests and recruiting an experienced team of nationally recognised pathologists. In seven years, PLUS tripled its laboratory capacity and expanded its capabilities into dermatopathology, haematopathology, and gastrointestinal and genitourinary pathology to serve a growing base of US 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,” says 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,” says Miraca Life Sciences president and chief executive Frank Basile. “PLUS shares our vision and commitment to deliver personalised 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.” 

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