Apax Partners, L.P. to acquire majority ownership interest in Spectrum Laboratory Network

Apax Partners, L.P. to acquire majority ownership interest in Spectrum Laboratory Network
 

7 November 2005

GREENSBORO, NC and NEW YORK, NY - Triad Laboratory Alliance, LLC d/b/a Spectrum Laboratory Network, a leading regional provider of clinical laboratory and disease screening services, and Apax Partners, L.P., one of the world's leading private equity investment groups, today announced that funds advised by Apax Partners will acquire a majority ownership interest in Spectrum.
 
In conjunction with the transaction, Moses Cone Health System, one of the health systems that founded Spectrum in 1998, will retain a significant ownership position in the company, as well as representation on its Board of Directors.  Spectrum's current management staff will be maintained in their areas of responsibility, and will continue to be led by Nate Headley, who will serve as President and CEO of Spectrum Holdings, Incorporated, the parent of Spectrum Laboratory Network.

Greensboro, North Carolina-based Spectrum Laboratory Network supports more than 7,000 physicians in North Carolina, South Carolina, Georgia, Tennessee and Virginia by performing each day more than 30,000 individual tests, including blood tests, cellular tests, testing for cancer and other diagnostic testing services.  Spectrum also provides onsite management services for labs at certain leading hospitals, including Moses Cone Health System and High Point Regional Health System, in North Carolina and Tennessee.

Nate Headley, President and CEO of Spectrum, said, "We are very excited about the transaction we are announcing today.  Apax Partners' purchase of majority ownership of Spectrum provides us with additional financial and strategic capabilities to support the high quality testing services we provide to a range of customers in five states in the Southeastern U.S. - services that have driven our strong growth historically.  As our clients have come to recognize, Spectrum will continue to be dedicated to quality and exceptional service.  It will be business as usual at the 10 hospital laboratories we manage, as well as the commercial laboratories we operate across the Southeast."

Buddy Gumina, a partner of Apax Partners and the co-lead of the firm's U.S. Healthcare Group, said, "Spectrum has achieved exceptional growth based on its commitment to service and integrity.  We look forward to partnering with Nate Headley and the rest of the Spectrum management team as they continue to guide the company forward."

The transaction is expected to close by the end of the first quarter of 2006.

About Apax Partners

Apax Partners is one of the world's leading private equity investment groups, operating across the United States, Europe and Israel.  Apax Partners has raised or advised approximately $20 billion around the world.  With more than 30 years of direct investing experience, Apax Partners' Funds provide long-term equity financing to build and strengthen world-class companies.  It pursues a multi-stage equity investment strategy, investing in late venture, growth capital and buyouts.
 
Apax Partners' Funds invest in companies across its global sectors of Tech & Telecoms, Retail & Consumer, Media, Healthcare and Financial & Business services.  For more information visit: www.apax.com.

About Spectrum Laboratory Network

Greensboro, North Carolina-based Spectrum Laboratory Network supports more than 7,000 physicians in North Carolina, South Carolina, Georgia, Tennessee and Virginia by performing each day more than 30,000 individual tests, including blood tests, cellular tests, testing for cancer and other diagnostic testing services.

Spectrum was formed in 1998 to serve certain regional hospitals, including High Point Regional Health System and Moses Cone Health System, and more efficiently provide medical laboratory services to hospital patients and physician offices.  In 2001, Spectrum expanded its focus and began providing "outreach" laboratory services to customers unrelated to the founding health systems.

Contact:
Laura Brightsen
Director of Marketing and Information
Apax Partners
445 Park Ave.
New York, NY 10022
212 419 2461
laura.brightsen@apax.com

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Spectrum Laboratory Network

A leading regional provider of clinical laboratory and disease screening services