New York buyout shop Metalmark Capital has acquired a majority stake in Glen Allen, Va.-based Bostwick Laboratories Inc., the firm announced Tuesday. Financial terms of the deal were not disclosed. Bostwick Laboratories is a provider of urologic anatomic pathology laboratory services. The Metalmark investment will help Bostwick with growth efforts and to expand development of its pathology laboratory services, which specialize in the monitoring and diagnosis of cancer.
Bostwick Laboratories, Inc., the largest provider of urologic anatomic pathology laboratory services in the United States, today announced a majority investment by Metalmark Capital, a New York-based private equity firm. Founder and CEO, Dr. David G. Bostwick, will continue to be a major shareholder in Bostwick Laboratories. Metalmark’s investment in Bostwick Laboratories will provide the capital needed to pursue its growth initiatives and expand development of its pathology laboratory services, which specialize in the monitoring and diagnosis of cancer. Financial terms of the deal were not disclosed.
“This investment will provide the capital we need to pursue our growth strategy and expand our leadership in the fast-growing laboratory services market,” said Dr. David G. Bostwick, founder and CEO of Bostwick Laboratories. “Metalmark’s knowledge of the sector, deep expertise in healthcare services and professional investment expertise made them the ideal partner to take Bostwick Laboratories to the next phase of growth. I look forward to working with the team and remaining actively involved in driving the business forward.”
“Dr. Bostwick is a pioneer and visionary in the field of cancer testing,” said Fazle Husain, Managing Director at Metalmark Capital. “Under his guidance, Bostwick Laboratories has become the standard of excellence in urologic cancer testing in the U.S. We are excited about the opportunity to partner with him and continue to benefit from his leadership in this important field. For Metalmark, this investment extends our experience in laboratory services and builds upon our expertise in healthcare, an important sector for the firm.”
About Bostwick Laboratories
Bostwick Laboratories was founded in 1999 by Dr. David Bostwick M.D., an internationally recognized expert in the field of urological pathology. Today, Bostwick Laboratories is one of the largest full-service, privately owned anatomic pathology labs in the U.S., servicing over 8,000 physicians across all 50 states. The Company has a leading market share within the urologic pathology lab testing industry and also provides testing services within other anatomic pathology sub-specialties, including gynecology, dermatology, gastroenterology, nephrology and hematology. Bostwick Laboratories maintains lab operations in Glen Allen, VA, Uniondale, NY, El Paso, TX and Orlando, FL.
About Metalmark Capital
Metalmark Capital is a leading private equity firm whose principals have a long track record of successful investing in targeted sectors, with particular focus and competence in healthcare, energy and natural resources, and industrials. Metalmark Capital seeks to build long-term value through active and supportive partnerships with the companies and management teams in which it invests. Metalmark Capital is an investment center of Citi Capital Advisors. For more information, please visit www.metalmarkcapital.com.