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It’s Friday night, Health Tech enthusiasts. Let’s go.

Situational awareness: McKesson and HCA Healthcare form cancer research joint venture. To feed the oncology data and analytics portion, McKesson says he is buying Genospace from SCRI.

Illustration: Eniola Odetunde/Axios

Levine Leichtman Capital Partners acquired Technical Safety Services, a Berkley, Calif.-based company that ensures regulatory compliance and productivity in all laboratory environments.

In the wings: Financial terms were not disclosed. But a spring said to Sarah in May that a multiple of 25 times EBITDA was needed to advance to the second round of the sale process, which would amount to more than $800 million.

  • Houlihan Lokey and Harris Williams advised sellers on what sources called a quick process.

Rollback: Edgewater Funds and JZ Partners acquired TSS in March 2018, fueling an aggressive consolidation game with over 20 follow-on acquisitions.

How it works: TSS tests, certifies and calibrates critical equipment and controlled environments in the life science and healthcare markets.

  • On-site technical services are provided at regular intervals.

State of play: The boom in biotechnology funding in recent years (which has slowed more recently) has led to the construction of many more labs. So no more request for TSS.

  • LLCP partner Matthew Rich said in a press release that he will build on TSS’s successful growth through “additional strategic mergers and acquisitions and the expansion of the company’s services into new geographies, both nationally and internationally”.