The middle market private equity (PE) firm Ampersand Capital acquired the clinical immunology laboratory services provider Neomed-Labs from its not-for-profit founder and parent, the Neomed Institute.
The investment will be used to fuel both organic and inorganic growth initiatives, explained Mounia Azzi, chief business officer of Neomed-Labs.
According to the company – which was formed in April 2015 as a spinoff from GSK’s Clinical Laboratory Services unit – in addition to expanding its presence in Quebec, it also will pursue expansion into adjacent markets and geographies.
Azzi said the rationale behind the deal is “to flip the next page of our story after three years as a subsidiary of a non-for-profit organization whose mandate is clearly not to be a shareholder in health care service provider companies.”
“Partnering with a health care mid-market reference private equity group will enable us to fund organic and inorganic initiatives required to become the obvious global leader in clinical immunology lab services,” she told us.
As per next steps in the company’s evolution, Azzi said the it is “quite realistic” that it could double its size organically in 24 months based on the current backlog and client base.
Neomed-Labs also will look to add services to its portfolio, “so that we can tackle other clinical immunology opportunities than infectious vaccines, currently our core business,” she explained.