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Morgan Stanley Capital Partners Completes Investment in Ovation Fertility

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Investment funds managed by Morgan Stanley Capital Partners (MSCP), the
middle market focused private equity team within Morgan Stanley
Investment Management, announced today that they have completed an
investment in Ovation Fertility ("Ovation" or the "Company"). MSCP
partnered with the current management team and physician shareholders,
led by Nate Snyder, who will remain CEO and continue to drive organic
and acquisitive growth. Ovation extends MSCP's long track record of
partnering with founder-managed companies.

Ovation, headquartered in Los Angeles, California, is a leading provider
of fertility laboratory services, including in-vitro fertilization
laboratory services ("IVF"), genetic testing, egg & embryo storage and
other services for the fertility industry. The Company provides services
through eleven laboratories across the United States.

"We are excited to work with premier fertility services provider,
Ovation, and help the company execute its mission to serve individuals
and couples across the United States and beyond," Steve Rodgers,
Managing Director of MSCP. "We believe Ovation's talented management
team has developed a best in class approach by acquiring highly
attractive laboratories and partnering with industry leading physician
groups. We look forward to supporting the company as it enters a new
phase of growth."

Nate Snyder, Chief Executive Officer of Ovation, said, "We believe our
new partnership with Morgan Stanley Capital Partners will enable Ovation
to extend our physician partnerships across the country and advance our
collaborative medical model to drive down the average cost of a healthy
baby through more efficient and effective infertility care."

Kaylen Silverberg, MD, one of Ovation's founding physician partners,
will continue to serve as a member of Ovation's board of directors under
MSCP's ownership. "We are enthusiastic about partnering with the one of
the world's leading financial services institutions," Dr. Silverberg
said. "MSCP embraces our vision of providing patients with the highest
quality of care and supports our positioning of Ovation's labs at the
forefront of innovation in the industry."

DLA Piper served as legal advisor to MSCP. Harris Williams served as
financial advisor to Ovation.

About Morgan Stanley Capital Partners

Morgan Stanley Capital Partners, part of Morgan Stanley Investment
Management, is a leading middle-market private equity platform that has
invested capital in a broad spectrum of industries for over three
decades. Morgan Stanley Capital Partners focuses on privately negotiated
equity and equity-related investments primarily in North America and
seeks to create value in portfolio companies primarily in a series of
subsectors in the business services, consumer, healthcare and
industrials markets with an emphasis on driving significant organic and
acquisition growth through an operationally focused approach. For
further information about Morgan Stanley Capital Partners, please visit www.morganstanley.com/im/capitalpartners.

About Morgan Stanley Investment Management

Morgan Stanley Investment Management, together with its investment
advisory affiliates, has more than 671 investment professionals around
the world and $480 billion in assets under management or supervision as
of March 31, 2019. Morgan Stanley Investment Management strives to
provide outstanding long-term investment performance, service and a
comprehensive suite of investment management solutions to a diverse
client base, which includes governments, institutions, corporations and
individuals worldwide. For further information about Morgan Stanley
Investment Management, please visit www.morganstanley.com/im.

About Morgan Stanley

Morgan Stanley (NYSE:MS) is a leading global financial services firm
providing investment banking, securities, wealth management and
investment management services. With offices in more than 41 countries,
the Firm's employees serve clients worldwide including corporations,
governments, institutions and individuals. For more information about
Morgan Stanley, please visit www.morganstanley.com.

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