Healthcare focused investment fund Enhanced Equity Fund, along with MedTest Chief Executive James White, have invested an undisclosed amount in medical diagnostics company MedTest DX Inc. Based in Cortlandt Manor, New York, MedTest was created to purchase the chemistry diagnostics business from Polymedco Inc. Terms of the deal were not disclosed. Enhanced Equity is based in New York.
Enhanced Equity Fund (EEF), a healthcare-focused private equity firm, and executive James White announced their investment in MedTest DX, Inc. (MedTest), a medical diagnostic company based in Cortlandt Manor, NY. MedTest was created to purchase the chemistry diagnostics business from Polymedco, Inc. The transaction was led by Mark Tricolli, a Partner of EEF. Terms were not disclosed.
“EEF is committed to building a leading platform in the medical diagnostics industry and our investment in MedTest represents an attractive initial asset from which to grow both organically and through acquisitions,” said Mr. Tricolli. He added, “We are excited to partner with James White, who has a proven track record in this industry, and provide capital for future growth initiatives.”
James White, Chief Executive Officer of MedTest said, “EEF’s investment in our chemistry assets represents a tremendous opportunity for MedTest to build on the company’s strong reputation with its customers and suppliers in the marketplace. Both EEF and MedTest share the same philosophy of delivering superior products and service and we are truly excited to join forces to capitalize on numerous growth opportunities.”
About MedTest DX
MedTest was founded in 2011 and is based in Cortlandt Manor, NY. The company sells a range of chemistry instruments, reagents, and instrument service to physician offices, hospitals, reference laboratories, and research facilities, both direct and through distribution channels in the U.S. MedTest DX products include SPOTCHEM EZ, a compact benchtop dry chemistry analyzer that can run single and panel diagnostic tests with results available in 8-15 minutes. In addition, the Poly-Chem 90 and 180 chemistry analyzers offer countertop instruments to run chemistry tests, including an integrated electrolyte module, data management and over 70 FDA cleared reagents. Additional information about MedTest is available on the Company’s website www.medtestdx.com.
About Enhanced Equity Fund
Based in New York, NY and founded in 2005 by Andrew M. Paul, EEF is a private equity fund with over $600 million of assets under management focused on providing capital to lower-middle market growth companies in the healthcare services industry. The firm’s investment philosophy and strategy is to invest in smaller high growth companies and partner with successful entrepreneurs and management teams to build value through internal growth and acquisitions. EEF is currently investing its newly-raised, over-subscribed, second fund.