Converge acquired by Quest Diagnostics October 7, 2013

October 7, 2013

Overview

On October 7, 2013, Quest Diagnostics (NYSE: DGX), the world’s leading provider of diagnostic information services, announced that it has acquired ConVerge Diagnostic Services, LLC from Water Street Healthcare Partners, a strategic investor focused exclusively on the healthcare industry.

ConVerge is a leading full-service laboratory providing clinical, cytology and anatomic pathology testing services to patients, physicians and hospitals in New England.

The transaction includes ConVerge’s laboratory in Peabody, Massachusetts, and its patient service centers operating in Massachusetts, New Hampshire and Connecticut.

ConVerge will operate as a wholly-owned subsidiary of Quest Diagnostics and its laboratory will operate as part of Quest Diagnostics’ national laboratory network.

Significance

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.

Crosstree’s Role

Crosstree Capital Partners served as exclusive financial advisor to Water Street and ConVerge.

Converge acquired by Quest Diagnostics October 7, 2013