Argosy Private Equity and Capricorn Investment Group have acquired the assets of Atlantic Diagnostic Laboratories, a clinical testing laboratory providing microbiology, chemistry, toxicology, immunology, and virology testing.
Atlantic Diagnostic Laboratories (ADL) is a regional full service clinical testing laboratory specializing in high-end toxicology tests, including drug testing for methadone clinics, behavioral centers and pain management treatment, and clinical testing for hospitals and physician offices. ADL was formed in 2008 through the merger and consolidation of four independent, competing labs. The company is headquartered in Bensalem, PA (www.adllab.net).
Argosy Private Equity invests from $4 million to $10 million in lower middle market companies with revenues of $15 million to $100 million and EBITDAs of $3 million to $9 million. Sectors of interest include manufacturing, business services, value-added distribution and franchising. The firm is located in Wayne, PA (www.argosycapital.com).
Capricorn Investment Group invests in the public equity, fixed income, private equity, and real estate markets. The firm was founded in 2001 and is based in Palo Alto, CA with additional offices in London and New York (www.capricornllc.com).
NewSpring Capital Mezzanine provided a subordinated debt financing to Atlantic Diagnostic Laboratories. “ADL is a terrific addition to the NewSpring Mezzanine portfolio as the company has a breadth of services which are supported by industry leading technology and a strong management team,” said Andrew Panzo, General Partner at NewSpring. “We look forward to partnering with the management team at ADL and assisting the company in achieving its goals.”
NewSpring Capital is a provider of private equity capital focused in the Mid-Atlantic region. NewSpring Capital currently has $600 million of capital under management through a family of funds including: NewSpring Ventures which provides equity capital to growth and expansion stage companies with a focus on business services, enabling technologies, and information technology; NewSpring Health Capital which provides equity capital to healthcare companies within the life sciences, healthcare services, and medical device sectors; and NewSpring Mezzanine Capital which provides mezzanine capital for expansion stage and buy out opportunities in the business services, health care, information technology, and specialty manufacturing sectors. The firm has offices in Radnor, PA; Short Hills, NJ; and Washington, DC (www.newspringcapital.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 9-7-12
