Quest Diagnostics, Madison, NJ, has acquired ConVerge Diagnostic Services LLC, Peabody, Mass, a leading full-service lab providing clinical, cytology, and anatomic pathology testing services to patients, physicians, and hospitals in New England.
Financial terms of the transaction were not disclosed.
Steve Rusckowski, president and CEO, Quest Diagnostics, says this move is in keeping with the company’s five-point strategy established last year. “One of our capital deployment objectives is to grow 1% to 2% a year through strategically aligned, accretive fold-in acquisitions,” he says.
The transaction includes ConVerge’s lab in Peabody, and its patient service centers operating in Massachusetts, New Hampshire, and Connecticut.
ConVerge, a regional leader in women’s health, will operate as a wholly owned subsidiary of Quest Diagnostics, and its lab will operate as part of Quest Diagnostics’ national laboratory network. Over time, the ConVerge laboratory is expected to be integrated into a state-of-the-art laboratory facility Quest Diagnostics is building in Marlborough, Mass.
Quest has acquired four laboratory businesses in 2013, including this one, which is strategically aligned with Quest’s purchase in January of UMass Memorial Medical Center‘s clinical and anatomic pathology outreach laboratory businesses, Worcester, Mass. Others include Concentra, a Humana business, and lab-related clinical outreach operations of Dignity Health in California and Nevada.
[Source: Quest Diagnostics]