The acquisition of PLUS has made Miraca the largest independent anatomic pathology laboratory company in the US.
Since being acquired by Water Street in 2006, PLUS has opened new laboratories, introduced new tests and recruited experienced pathologists.
During the private equity firm’s ownership, PLUS tripled its laboratory capacity and expanded its capabilities into dermatopathology, hematopathology, and gastrointestinal and genitourinary pathology.
Water Street partner Ned Villers said, “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.
“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.”
In April this year Water Street made the first investment from its $750m third fund by backing outsourced clinical services provider CCBR-SYNARC.
The firm closed its Healthcare Partners III vehicle last July on its $750m hard cap, $100m above its original target.
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