NEW YORK, March 30, 2005 — Behrman Capital, a private equity investment firm based in New York and San Francisco, announced today that it has sold portfolio company Esoterix, Inc., a leading laboratory services company, to Laboratory Corporation of America® Holdings (LabCorp®) (NYSE: LH) for $150 million in cash.
“We are very pleased to announce this transaction because it brings to a successful conclusion the strategy we implemented ten years ago when we founded Esoterix,” said Grant G. Behrman, Managing Partner of Behrman Capital. “In 1995 we identified laboratory services as a fragmented industry with significant growth potential, and founded Esoterix for the express purpose of bringing those companies together, creating a well-capitalized, strong enterprise, delivering tests across multiple disease corridors. Esoterix’s employees have built a strong culture and created a remarkable
record of accomplishment; we are confident that they have found an excellent partner for the next stage of the company’s growth with LabCorp.”
The transaction is expected to be completed by the end of the second quarter of 2005.
Esoterix is a leading laboratory services company focused on high science, superior customer service, and innovative new products. With over 750 employees, Esoterix offers approximately 2,500 assays and profiles through its centers of excellence in the United States and Western Europe. Esoterix’s extensive client base includes hospitals, physicians, pharmaceutical and biotechnology companies, reference laboratories, and managed care organizations.
Based in New York City and San Francisco, Behrman Capital was founded in 1991 by Grant G. and Darryl G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth companies and provides expansion capital to emerging growth companies. The company’s investments are focused primarily in four industries: information technology, contract manufacturing, outsourcing, and healthcare. The firm currently has a combined capital base of $1.8 billion.
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For Behrman Capital:
David Lilly / Michael Freitag
Kekst and Company