PRESS RELEASE: Johnson & Johnson Executive Joins Water Street Healthcare Partners

Johnson & Johnson Executive Joins Water Street Healthcare Partners

CHICAGO, Sept. 10  /PRNewswire/ -- Water Street Healthcare Partners, a Chicago private equity firm focused exclusively on the healthcare industry, announced today that Curt Selquist, 62, a former company group chairman with Johnson & Johnson, has joined the firm as an operating partner.

During his 36-year career with Johnson & Johnson, Mr. Selquist led a number of the company's global healthcare businesses in medical devices, diagnostics and consumer pharmaceuticals.  In 1990, he spearheaded one of the industry's most successful joint ventures, in which Johnson & Johnson and Merck and Co. came together to market Merck's prescription drugs over-the-counter.  As founding chairman of the Global Healthcare Exchange, Mr. Selquist also played an instrumental role in creating the industry's first global, online exchange for purchasing decisions.

"Curt is a highly regarded and respected leader in the healthcare industry who offers extensive experience in our firm's core areas of focus," said Tim Dugan, managing partner with Water Street Healthcare Partners.  "His leadership experience complements our strong team of operating partners and will enable us to build on our success in identifying and pursuing attractive healthcare investments.  In addition, Curt's industry relationships and contacts will be invaluable resources to Water Street and our portfolio companies."

Mr. Selquist, who serves as chairman of the National Alliance for Health Information Technology and as a board member with the National Quality Forum, first met Water Street in 2001 when he managed the sale of one of Johnson & Johnson's healthcare businesses to principals of the firm.

"What struck me about that experience was Water Street's unique business approach. They were very knowledgeable, professional and most importantly, committed to doing the right thing for our employees, partners and customers. Because I was so impressed with how they managed that transaction, we continued to stay in touch," said Mr. Selquist.  "Water Street's work ethic, deep healthcare knowledge and ability to adapt quickly to achieve results made them the firm I wanted to partner with, as I pursued this next step in my career."

Mr. Selquist augments Water Street's team of operating partners, which includes: Jim Connelly, former president and COO of Caremark International; Steve Cosler, former president and CEO of Priority Healthcare Corporation; Al Heller, former CEO of American Pharmaceutical Partners and president of Baxter Corporation's Renal Division; and Kevin Swan, former president and CEO of Health Alliance.

"We believe our firm has created the most extensive and diverse network of healthcare executives in private equity," said Kip Kirkpatrick, a partner with Water Street.  "Our operating partners' industry expertise and vast network of contacts are making a significant contribution to our success in attracting management talent, and aggressively growing and adding value to our portfolio companies.  We believe our firm is currently the most active private equity investor in healthcare today, having completed eight transactions and six platform investments since our founding two years ago.  The depth and breadth of our operating partners' experience, enhanced with Curt's arrival, continues to be a key differentiator for us."

About Water Street Healthcare Partners

Water Street Healthcare Partners is a Chicago private equity firm focused exclusively on building market-leading companies in the healthcare industry. Leveraging its financial and operating expertise, deep industry knowledge, and extensive network of contacts, Water Street proactively sources and invests in middle-market companies to accelerate growth and significantly increase value. It has particular expertise in corporate divestitures from the world's leading healthcare companies, including Johnson & Johnson, Smith & Nephew and Stryker Corporation.  Water Street's team is comprised of highly experienced industry leaders and private equity professionals who have worked together for more than 10 years and whose investments include: Facet Technologies, Medex Corporation, AbilityOne Corporation, Kendro Laboratory Products and AccessMediQuip.  For more information about Water Street, visit http://www.wshp.com/.

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