NEW YORK, March 16, 2006 — Behrman Capital, a private equity investment firm based in New York and San Francisco, announced today that it has reached a definitive agreement for the sale of its portfolio company Athena Diagnostics, Inc. to Fisher Scientific International Inc. (NYSE: FSH) for approximately $283 million.
Athena, based in Worcester, Massachusetts, is a leading developer and provider of proprietary molecular diagnostic and immunodiagnostic tests and services. Athena has an extensive portfolio of proprietary neurologic, nephrologic and endocrine diagnostic tests targeting such diseases as neurogenetic and neuromuscular disorders as well as Alzheimer’s disease, multiple sclerosis, obesity, kidney disease and diabetes.
“We are very proud of Athena’s growth and accomplishments in the three years since we have owned the company,” said Grant G. Behrman, Managing Partner of Behrman Capital. “When we acquired the company, our goal was to support management in aggressively growing the business. Since that time, Athena has solidified its position as a leading developer of diagnostic testing for neurological disorders. As one of the most respected names in the scientific community, Fisher Scientific is an outstanding partner for the company, and we are confident that under its ownership Athena will continue its impressive track record of innovation and clinical excellence.”
The transaction is expected to be completed early in the second quarter.
Citigroup Global Markets acted as financial advisor and Goodwin Procter LLP acted as legal advisor to Athena for the transaction.
About Athena Diagnostics
Athena Diagnostics develops and administers sophisticated esoteric tests. Athena’s tests encompass the areas of neurogenetic diagnostics that assist in the detection of mutations in the genetic code responsible for certain disorders; peripheral neuropathy and paraneoplastic diagnostics that detect the presence of autoantibodies that may attack the nervous system; Alzheimer’s disease diagnostics; and neutralizing antibody detection assays used to detect the presence of antibodies to one of the most common therapies for relapsing-remitting multiple sclerosis. Headquartered in Worcester, Mass., the company has approximately 200 employees. Additional information about Athena Diagnostics is available on the company’s Web site at www.athenadiagnostics.com.
About Behrman Capital
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 businesses. 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