Press Release- Acquisition of Investment Capital
- CEDAR KNOLLS, NJ- MedLabs Diagnostics is pleased to announce the completion of its recapitalization led by its management, George Mitilenes, Ph.D. and Nickolas Mitilenes, Caymus Equity Partners, and PNC Mezzanine Capital.
- The transaction provides MedLabs with the necessary capital and resources to further grow its business through the expansion of its proprietary product portfolio in its existing and new geographic territories as well as future add-on acquisitions. MedLabs also intends to roll out new technology platforms and tools for its existing client base to further increase the impact a laboratory can have on patient outcomes in today’s value-based healthcare market.
- “We are very excited to find financial partners with similar values and proven track records as well as those with a commitment to help MedLabs achieve its goal of becoming a national reference laboratory,“ said Nick Mitilenes, recently appointed President of MedLabs. “The funding provided by Caymus and PNC will accelerate our current growth initiatives as well as allow for acquisition of other laboratories and healthcare companies in order for us to expand our footprint and further build our strategic position.”
- MedLabs, already one of the fastest growing independent clinical diagnostic laboratories, expects that this investment will fuel years of continued growth and innovation.
- MedLabs Diagnostics is one of the oldest, independent reference laboratories in the United States with headquarters in Cedar Knolls, NJ. The Company provides a large, comprehensive menu of laboratory developed, esoteric, STAT and routine tests, which has been created through sixty-seven years of providing exceptional service and industry-leading turnaround time. The team of professionals at MedLabs, with the help of highly innovative diagnostic tests and proprietary software, enable medical providers to tackle today’s healthcare challenges and make a difference in the lives of millions of patients.
- Caymus Equity invests in profitable companies focused on business and healthcare services as well as consumer and niche manufacturing with strong growth potential operating in the lower middle market. The cornerstone of their investment philosophy is to partner with talented management teams and invest in companies that have reached an inflection point and provide value capital to maximize growth opportunities. Similarly, PNC Mezzanine Capital has supported entrepreneurs in a wide range of industries, typically investing in companies with strong management teams, proven business models and stable cash flows with a clear avenue for growth.
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MedLabs began in 1951 with a vision to provide the highest quality and most advanced diagnostic testing services. Over the years we’ve learned that by providing the best diagnostic solutions to doctors, we help them provide the best care for their patients. We’re proud to be the diagnostics company that doctors can customize to their needs and to the needs of their patients. We are particularly proud of the fact that we are in our seventh decade of serving thousands of medical practices and their patients and we are experiencing the most dramatic changes and the fastest growth in the company’s history. This would not have been possible without the tireless and dedicated effort of the hundreds of MedLabs employees, who play a critical role in fulfilling our mission of providing the highest level of diagnostic testing and services to health care professionals and their patients each and every day.