Apax Partners, L.P. Completes Acquisition of Majority Ownership Interest in Spectrum Laboratory Network

Apax Partners, L.P. Completes Acquisition of Majority Ownership Interest in Spectrum Laboratory Network
 

6 January 2006

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.

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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

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Spectrum Laboratory Network

A leading regional provider of clinical laboratory and disease screening services