Laboratory Partners, Inc. (“Medlab” or the “Company”), has successfully sold substantially all of the assets of its Talon Division to Laboratory Corporation of America Holdings (“LabCorp”) on February 18, 2014 and its Long-Term Care Division to Amerithon on October 3, 2014.
Medlab is a provider of clinical laboratory and anatomic pathology services to healthcare facilities primarily in the Midwest. The Company operates 20 laboratory facilities with 27 offices across eight states and the District of Columbia and has 1,034 employees. The Company completes approximately six million laboratory tests annually and is comprised of the Long-Term Care Division and Talon Divisions. On October 25, 2013, Medlab voluntarily filed for Chapter 11 bankruptcy protection in the State Bankruptcy Court for the District of Delaware.
LabCorp operates as an independent clinical laboratory company worldwide. It offers a range of clinical laboratory tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid tests, Pap tests, hemoglobin A1C, PSA, STD tests, HCV tests, microbiology cultures and procedures and alcohol and other substance-abuse tests.
Amerithon is a joint venture between funds managed by senior secured lender Marathon Asset Management and American Health Associates Inc. (“AHA”), a clinical reference laboratory located in Ft. Lauderdale, Florida that services a broad spectrum of healthcare facilities, including skilled nursing facilities and assisted living facilities.
Duff & Phelps was retained by the Company as the exclusive M&A advisor in the sale of the Company’s Talon and Long-Term Care divisions via §363 of the Bankruptcy Code.