Tuesday, March 09, 2010
Carilion finalizes lab merger with Spectrum
The latest from The Ticker blog
The merger with Spectrum Laboratory Network of Greensboro, N.C., creates one of the 10 largest laboratory companies in the U.S. The business initially will be focused regionally, serving 37 hospitals in eight states. The merger was announced in January.
The for-profit Carilion Labs more than doubled its revenue stream since it was created in 2005. Revenues increased from $48.2 million in 2006 to $109.8 million last year.
Carilion will maintain a minority ownership of 33 percent of the new company, with the New York-based private equity firm Welsh, Carson, Anderson and Stowe owning the majority of the company. Novant Health, a hospital system out of Winston-Salem, N.C., is also a minority owner. The newly formed Spectrum-Carilion company will be jointly headquartered in Greensboro and Roanoke.
-- Sarah Bruyn Jones
