Persistence Capital Partners has sold its portfolio company, Lab-Biomedic, to Gamma-Dynacare, a Canadian subsidiary of publicly traded Laboratory Corporation of America. Persistence acquired Lab-Biomedic in 2010.
Lab-Biomedic provides clinical laboratory services to medical clinics, corporate clients, insurance companies and clinical research organizations. Clinical specialties include cytopathology and screening for respiratory and food allergies. Lab-Biomedic serves a range of eastern Canadian clients through its laboratories in Montreal and Quebec City. The company was founded in 1998 (www.labbiomedic.com).
“Lab-Biomedic represents a benchmark for service and excellence in the clinical laboratory, insurance, and contract research sectors in Canada,” said Lloyd Segal, Managing Partner at Persistence. “It has been a privilege collaborating with Marc Hamilton and his team, as they have set a new standard for innovation and delivered outstanding returns to Persistence. We wish them continued success as they become part of Gamma-Dynacare.”
Persistence Capital Partners invests in Canadian based or operated healthcare companies that have EBITDAs from $1 million to $10 million. The firm is headquartered in Montreal (www.persistencecapital.com).
Laboratory Corporation of America (NYSE: LH) operates one of the largest clinical laboratory networks in the world, with a United States network of 36 primary laboratories. Before a merger with National Health Laboratory in 1995, the company operated under the name Roche BioMedical. LabCorp performs its largest volume of specialty testing at its Center for Esoteric Testing and headquarters in Burlington, NC (www.labcorp.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 1-17-14
