WELLESLEY, Mass. - Ampersand Capital Partners has completed the sale of majority owned portfolio company ViraCor-IBT Laboratories ("VIBT" or "ViraCor") to Eurofins Scientific for $255 million. VIBT is a premier specialty testing laboratory, providing complex, high-value diagnostic tests to 550 institutional clients and more than 4,000 affiliated clinicians across the US with an emphasis on the transplant market. The company will continue to be known as ViraCor-IBT, operating from its large, state-of-the art facility in the Kansas City area and its satellite laboratory in California.
Ampersand created VIBT in 2009 through the merger of two independent laboratories in theKansas City area. Following this merger, Ampersand worked with VIBT's management to integrate the two operations and execute a buy-and-build growth strategy, resulting in two add-on acquisitions over the ensuing years. This successful strategy has resulted in one of the broadest menus of highly-specialized, complex diagnostic tests available for infectious disease, immunology and allergy complications. In addition, the company provides industry-leading turn-around times for its most time-sensitive tests, which assists physicians in making quicker treatment decisions of critically-ill patients, particularly transplant patients.
Tom Burnell, who served as CEO of VIBT and has joined Ampersand as an Operating Partner, commented: "It has been a tremendous pleasure working with Ampersand to execute on our shared vision of building the leading transplant diagnostics lab in the country. With the strength and stability of ViraCor's management team, and with the resources and scale of Eurofins, ViraCor is well positioned to continue executing on its growth strategy in the years ahead."
Herb Hooper, Managing General Partner of Ampersand, added: "This transaction is an excellent outcome for both VIBT and for Ampersand's Limited Partners. On behalf of everyone at Ampersand, we congratulate Tom and the VIBT team for building a preeminent specialty laboratory that has helped improve the care of transplant patients. We look forward to continuing to work with Tom in his role as an Ampersand Operating Partner."