Water Street takes majority stake in Orgentec

Water Street acquired a majority position in Orgentec and committed further equity to invest in the company's growth via future acquisitions in emerging markets. The fresh capital will also enable Orgentec to expand into new areas of testing in order to help providers detect rare conditions.

Funds for the acquisition were drawn from Water Street Healthcare Partners II. The GP committed around €75m to Danish healthcare provider CCBR-Synarc in April last year.

Wigbert Berg, Orgentec's co-founder, maintains an ownership position in the company and a seat on the board of directors. Werner Hofacher, an executive with more than 30 years' experience in the diagnostics industry, has been appointed by Berg and Water Street to serve as Orgentec's CEO.

Company
Founded in 1988, Orgentec specialises in diagnostics for autoimmune and infectious diseases, offering a portfolio of more than 300 tests. In the past three years, the company has launched more than 30 new diagnostic procedures, helping to diagnose rheumatology, thrombosis and gastroenterology disorders, as well as infectious diseases. It also offers fully automated instrument and associated test kits, enabling laboratories to complete multiple assays and deliver faster results than traditional testing.

More than 120 employees work at the company's headquarters in Mainz, including 15 scientists working in research and development. Orgentec operates in Germany, Austria, Hungary, France and Switzerland, and has a network of distributors in Asia, Latin America and the Middle East.

People
Scott Garrett is senior operating partner at Water Street and will serve as chairman of Orgentec. Wigbert Berg co-founded Orgentec and Werner Hofacher is its new CEO.

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