Apax Partners, L.P. Completes Acquisition of Majority Ownership Interest in Spectrum Laboratory Network
6th January 2006
Apax Apax Partners, one of the world's leading private equity investment groups, today announced that funds advised by Apax Partners have completed their acquisiApax Partners, one of the world's leading private equity investment groups, today announced that funds advised by Apax Partners have completed their acquisition of a majority ownership interest in Spectrum Laboratory Network, a leading regional provider of clinical laboratory and disease screening services.
New York, NY and Greensboro, NC, 6 January
2006 -- Apax Partners, one of the world's leading private
equity investment groups, today announced that funds advised by
Apax Partners have completed their acquisition of a majority
ownership interest in Spectrum Laboratory Network, a leading
regional provider of clinical laboratory and disease screening
services.
Based in Greensboro, North Carolina, 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 10 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, "With the additional financial and strategic capabilities that Apax Partners provides, we will continue to expand the availability of the high-quality testing services we offer to a range of customers in five states across the Southeast."
Buddy Gumina, a partner of Apax Partners, L.P. and the co-lead of the firm's U.S. Healthcare Group, said, "We look forward to supporting the Spectrum management team as they continue to execute a growth strategy based on a commitment to service and integrity."
Moses Cone Health System, one of the health systems that founded Spectrum in 1998, has retained a significant ownership position in the company, as well as representation on its board of directors.
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. 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.
For further information contact:
Ben Harding
Head of Communications
T: +44 20 7872 6300
E: ben.harding@apax.com