“Genetic testing is the fastest growing segment of the laboratory industry. As the foundation of personalized medicine, genetic testing is sure to become a standard part of clinical practice going forward. For this reason BelHealth has been searching for opportunities to invest in the space and we believe we have found true gems in the Genetic, Forensic and Clinical Testing Labs,” said Dennis Drislane, Chairman of the BelHealth Operating Committee. “Chief Science Officer Steve Long and his team are incredibly talented and with the right infrastructure to support them, have the potential for exponential growth. The three acquired labs also have global market knowledge and sales reach that would have taken years to develop on our own. I am thrilled about the potential of this investment.”
Genetics Testing Laboratories (GTL), Forensic Testing Laboratory (FTL), and Clinical Testing Laboratories (CTL) were established in 2001 at the Arrowhead Research Center on the campus of New Mexico State University (NMSU) through a public/private partnership between private investors and NMSU. The three laboratories offer a variety of genetic testing services including: relationship testing for paternity, sibling, grand-parentage, or other familial and ancestry purposes; forensic testing for establishing identity and profiling suspects for use in civil or criminal cases; and clinical testing for genetic predisposition, pharmacogenomics, disease classification, diet and fitness and other clinical applications. All three laboratories are based in Las Cruces, NM (www.gtldna.com) (www.ftldna.com) and (www.ctldna.com).
BelHealth has hired Bud Thompson to be the Chief Executive Officer of General Genetics Corporation. Mr. Thompson has over 30 years of general healthcare management experience, of which the last ten years were spent in executive roles in clinical laboratory companies. Most recently, he was the Chief Administrative Officer for Solstas Lab Partners, a portfolio company of Welsh Carson Anderson and Stowe. Prior to that, he was the Chief Executive Officer of Carilion Clinical Laboratories.
“I am extremely excited to be CEO of General Genetics and have the opportunity to partner with BelHealth,” said Mr. Thompson. “The genetic testing industry is poised to explode over the next few years and I think we have a platform that will be a significant part of that growth. I look forward to working with the team in New Mexico to build upon the great foundation they have laid.”
BelHealth Investment Partners is a healthcare private equity firm focused on lower middle market companies. The firm invests from $10 million to $25 million in companies in three healthcare segments: services, information technology, and products & distribution. BelHealth is based in New York (www.belhealth.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 7-25-13