CHICAGO, April 12, 2011 /PRNewswire/ -- Water Street Healthcare Partners, a strategic private equity firm focused exclusively on health care, announced today that Scott Garrett has joined the firm as an operating partner.  Mr. Garrett, 61, the former chairman, president and chief executive officer of Beckman Coulter, Inc., brings to Water Street more than 35 years of experience leading health care businesses ranging from diagnostics and life sciences to medical products and services.  He is the most recent addition to Water Street's team of senior executives and investment professionals focused on expanding and building value in the firm's companies specializing in life sciences, medical devices, distribution and health care services.

During his 35-year career, Mr. Garrett has completed more than 40 mergers and acquisitions to build shareholder value across a number of global health care businesses.  He began his career in research and development at Baxter International, where he was awarded several patents.  He was promoted to senior staff and general management positions in the U.S. and Europe, before being appointed group vice president and CEO of Baxter's global laboratory products subsidiary.  Mr. Garrett led the buyout of that business, becoming chairman, president and CEO of Dade Behring.  He and his team built Dade Behring into one of the world's largest clinical diagnostics companies.  More recently, Mr. Garrett led Beckman Coulter through an eight-year-more period of value creation establishing the company as a leader in biomedical testing.  Previously, he founded Garrett Capital Advisors and partnered with members of the Water Street team to build a portfolio of private companies in the medical device and life sciences industries.

"Water Street's unique business model brings together experienced health care and financial executives providing its companies with strategic insight and operational know-how.  This focused approach creates long-term, sustainable value," said Mr. Garrett.  "In the years since I first partnered with the Water Street team, they have achieved an impressive track record, building market-leading companies across attractive sectors of health care.  I am excited to be part of the team, and look forward to helping them identify and grow many more excellent companies in the future."

Mr. Garrett is highly regarded for his contributions to the health care industry.  He has served as an advocate of the medical device and diagnostics industry with a combined tenure of 10 years on the AdvaMed board of directors.  He was also instrumental in the recent founding of AdvaMed Dx, focused on the in vitro diagnostics industry.  Mr. Garrett augments Water Street's team of health care executives, which includes:

• Dominick Arena, former CEO, Medex
• Jim Connelly, former president and COO, Caremark International
• Steve Cosler, former president and CEO, Priority Healthcare Corporation
• Al Heller, former CEO, American Pharmaceutical Partners Inc.
• Curt Selquist, former company group chairman, Johnson & Johnson
• Steve Shulman, former CEO, Magellan Health Services, Inc. and Prudential Healthcare
• Kevin Swan, former president & CEO, Griffith Micro Science/Sterigenics

"We are honored that Scott chose Water Street as the firm he wants to partner with long-term," said Tim Dugan, managing partner, Water Street.  "He exemplifies the key attributes of our team members – strategic, results-oriented, high ethical standards and committed to value creation.  Our operating partners' deep health care expertise and network of contacts contribute significantly to growing and building value in our companies.  The depth and breadth of their expertise continues to be an important factor that sets Water Street apart."

About Water Street Healthcare Partners

Water Street Healthcare Partners is a strategic private equity firm focused exclusively on health care.  The firm has a strong record of building market-leading companies across key growth sectors in health care.  It has worked with some of the world's leading health care companies on its investments including Gentiva, Johnson & Johnson, Medtronic and Smith & Nephew.  Water Street's team is comprised of industry executives and private equity professionals with decades of experience investing in and operating global health care businesses.  The firm is headquartered in Chicago.  For more information about Water Street, visit www.wshp.com.

SOURCE Water Street Healthcare Partners