Thompson Street Capital Partners has sold DCL Medical Laboratories LLC to LabCorp, for an undisclosed amount. DCL provides diagnostic and clinical trial testing services, with a focus on women’s health. It has offices in St. Louis and Indianapolis.
Thompson Street Capital Partners announced its sale of DCL Medical Laboratories, LLC (DCL) to North Carolina-based Laboratory Corporation of America® Holdings (LabCorp), a national provider of medical laboratory tests and services.
Headquartered in Indianapolis with operations in St. Louis, DCL provides diagnostic and clinical trial testing services to physicians, hospitals, and pharmaceutical and medical device companies. Specializing in women’s health, DCL provides anatomic pathology as well as clinical trial testing services. Terms of the transaction were not disclosed. DCL was advised by Lazard Middle Market through the transaction.
In October 2007, Thompson Street, together with lab industry veterans Jack Bergstrom and Jay Tyler, acquired DCL from its founders. “Our goal when we acquired DCL together with Jack and Jay, was to capitalize and expand on the company’s already strong reputation in women’s health,” says Thompson Street’s managing partner, Jim Cooper. “We achieved this by growing our sales force and laboratory staff, increasing our participation in pharmaceutical and medical device clinical trials, and investing in our laboratory IT and test equipment infrastructure.”
DCL’s executive management team was led by executive chairman Jack Bergstrom and CEO Jay Tyler. “Thompson Street proved to be an excellent partner in fully supporting what we believed the business needed and was instrumental in assisting us in developing a successful strategy for growth that allowed us to enlarge our employee base, client services, lab space and information technology infrastructure within a short timeframe,” said Jack Bergstrom.
DCL will join LabCorp’s nationwide network of 38 primary testing locations and its industry-leading Centers of Excellence laboratories, including the Center for Esoteric Testing, Viro-Med, National Genetics Institute and US Labs. Headquartered in Burlington, N.C., LabCorp has been a provider of laboratory services in Indiana for more than 25 years. The company employs approximately 140 people in Indiana and operates multiple patient service centers in various Indiana locations. LabCorp, an S&P 500 company, is a pioneer in commercializing new diagnostic technologies and the first in its industry to embrace genomic testing. With annual revenues of $4.7 billion in 2009, over 28,000 employees worldwide, and more than 220,000 clients, LabCorp offers clinical assays ranging from routine blood analysis to HIV and genomic testing.
About Thompson Street Capital Partners (www.thompsonstreet.net)
Thompson Street Capital Partners has $450 million in capital under management. The private equity firm makes investments in manufacturing, service and distribution businesses. The fund’s philosophy is to partner with management in leveraged acquisitions, recapitalizations, corporate divestitures and going-private transactions. Thompson Street Capital Partners is located in St. Louis, Mo. and was founded in 2000.
For more information about LabCorp®, please visit its website at www.labcorp.com.