Healthcare-focused private equity firm BelHealth Investment Partners has formed General Genetics Corporation and acquired Genetics Testing Laboratories, Forensic Testing Laboratory and Clinical Testing Laboratories. Based in New Mexico, the labs offer a wide variety of genetic testing services. The labs were established in 2001 at the Arrowhead Research Center on the campus of New Mexico State University.
BelHealth Investment Partners (“BelHealth”), a healthcare-focused private equity firm, announced today that it has formed General Genetics Corporation (“General Genetics”) and acquired Genetics Testing Laboratories, Inc., Forensic Testing Laboratory, Inc. and Clinical Testing Laboratories, Inc. Based in New Mexico, the labs offer a wide variety of genetic testing services including:
Relationship testing for paternity, sibling, grandparentage, 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 emerging clinical applications.
The labs were established in 2001 at the Arrowhead Research Center on the campus of New Mexico State University. Through a public/private partnership between private investors and the University, the labs have grown into a significant player in the genetic testing field. Through the leadership of the lab director, Steve Long, they have earned an outstanding reputation for the quality and accuracy of their services, garnering the highest levels of certification or accreditation in the industry, including AABB, A2LA, CLIA, NATA, British Ministry of Justice, among others. More detailed description of the genetic testing services available through the labs can be found at: www.gtldna.com, www.ftldna.com, and www.ctldna.com.
In addition to its web-based marketing channels, General Genetics has an extensive network of affiliated partners, third party brokers and agents around the world through which it markets its testing services. This enables General Genetics to offer DNA testing in 25 countries on six continents and in eight languages. The international market is rapidly increasing its use of genetic testing and General Genetics is well- positioned to capture market share as the global market for DNA testing grows.
Steve Long, one of the original founders of the labs and Chief Science Officer stated, “I am excited to have the resources and experience of BelHealth to help us accelerate our growth, especially into the clinical testing realm. We are proud of the success that we have achieved to date but up until now we have felt constrained in our ability to expand our portfolio of tests. Our partnership with BelHealth will allow me and my team to build out our product offerings in pharmacogenomics, breast cancer risk profiling, ophthalmology, diabetes, and other clinical areas.”
Dennis Drislane, Chairman of the BelHealth Operating Committee, also commented, “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. Steve and his team are incredibly talented and with the right infrastructure to support them, have the potential for exponential growth. We 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.”
In conjunction with the transaction BelHealth has hired Bud Thompson to be the Chief Executive Officer of General Genetics Corporation. Mr. Thompson brings 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, a wholly-owned for-profit division of Carilion Clinic, a not-for-profit integrated hospital system in southwest Virginia with approximately $1.5 billion in net revenue.
Bud commented, “I am extremely excited to be CEO of General Genetics and have the opportunity to partner with BelHealth. 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.”
About BelHealth Investment Partners
BelHealth Investment Partners, based in New York, is a healthcare private equity firm focused on lower middle market companies. BelHealth acquires majority positions in entrepreneur-owned companies we believe would benefit from our vast operating and private equity experience. The firm typically invests $10-25 million per platform company across three healthcare segments: Services, Information Technology and Products & Distribution. Applying an active, hands-on approach, BelHealth utilizes its experience to support management to drive revenue, profit growth and achieve superior returns for our investors and partners.
For further information, please visit:
Genetic Testing Laboratories: www.gtldna.com BelHealth Investment Partners: www.belhealth.com
General Genetics Corporation: Bud Thompson (540) 520-2540 BelHealth Investment Partners: David Sturek (347) 308-7019