Jan 24, 2014 | Laboratory Hiring & Human Resources, Laboratory Management and Operations, Laboratory News, Laboratory Operations, Laboratory Pathology, Laboratory Sales and Marketing, Management & Operations
When completed, this acquisition will give Quest Diagnostics a major laboratory presence in the backyard of competitor Laboratory Corporation of America
Another big lab domino fell in the continuing consolidation of the clinical laboratory testing industry. This time it was Solstas Lab Partners, which announced that it would be acquired by Quest Diagnostics Incorporated (NYSE:DGX).
The agreement was announced by both companies earlier this week. Quest Diagnostics will pay $570 million to acquire Solstas, which is based in Greensboro, North Carolina. Solstas provides medical laboratory testing services to clients in nine states across the South. Quest Diagnostics says it expects to close the sale by the middle of this year, subject to the usual regulatory reviews of such transactions. (more…)
Jun 23, 2010 | Laboratory News, Laboratory Pathology
Anatomic pathology firm hopes proposed sale of stock will bring in up to $150 million
Anatomic pathology company Aurora Diagnostics, Inc., of Palm Beach Gardens, Florida, just announced a new credit facility that will give it access to as much as $335 million should all conditions be met. Aurora Diagnostics hopes to raise $150 million from an initial public offering (IPO) of its stock, for which it filed registration documents in April.
Aurora Diagnostics was founded in June 2006, by former Ameripath, Inc., executives James New and Marty Stefanelli and was originally funded by Summit Partners and GSO Capital Partners. Over the past four years, Aurora Diagnostics says it has acquired 17 pathology practices. Its revenue for 2009 totaled $171 million, with EBIDTA (earnings before interest, depreciation, taxes, and amortization) of $28 million and net income of $9 million.
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Jan 28, 2010 | Laboratory Management and Operations, Laboratory News, Laboratory Pathology
Carilion Clinic and Novant Health will continue to own equity in the new clinical laboratory company
It was big news in the clinical laboratory industry yesterday when Spectrum Laboratory Network of Greensboro, North Carolina announced a merger with Carilion Labs of Roanoke, Virginia. The combined enterprise will have annual revenue of approximately $300 million and immediately becomes one of the nation’s larger clinical laboratory companies.
As announced by the parties involved, Carilion Clinic will hold a 33% ownership interest in the new laboratory company. Novant Health, which holds a minority interest in Spectrum Laboratory Network, will continue as an equity owner and will have a seat on the new board of directors, once the two laboratory organizations are merged into one company.
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Dec 16, 2009 | Laboratory Management and Operations, Laboratory News, Laboratory Pathology
Acquisition is a deal between two private equity firms
Spectrum Laboratory Network of Greensboro, North Carolina, will be acquired by Welsh, Carson, Anderson, & Stowe. Investment funds managed by Apax Partners are the sellers and the purchase price is $230 million. It is the highest dollar value acquisition of a clinical laboratory during 2009.
The acquisition agreement was announced at the end of last week. It brings Welsh, Carson back into the laboratory testing industry for the first time since 2007. During this decade, Welsh, Carson held an equity ownership in LabOne, Inc., which was based in Kansas City, Missouri and was building a fast-growing business in medical laboratory testing.
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Nov 3, 2009 | Laboratory Management and Operations, Laboratory News, Laboratory Pathology
Peter Built His Company into a Major National Esoteric Laboratory
One of laboratory medicine’s most successful scientist-entrepreneurs died last Friday, October 30, 2009. James B. Peter M.D., Ph.D., Founder of Specialty Laboratories, Inc., died in his home in Santa Monica, California of complications from cancer. He was 76 years old.
A native of Omaha, Nebraska, it was 1958 when Peter earned his M.D. from St. Louis University. He then went to the University of Minnesota where he earned a Ph.D. in Biochemistry in 1963. It was here that he worked with Professor Paul D. Boyer, Ph.D., a laureate for the 1997 Nobel Prize in chemistry. Peter also worked with Boyer at UCLA. At UCLA, Peter served as Professor, Clinical Professor, and College of Letters and Sciences Advisory Board Member. He had a strong interest in clinical chemistry and immunology.
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