Avista Capital Partners Completes Acquisition of Miraca Life Sciences

IRVING, Texas and NEW YORK, Nov. 20, 2017 /PRNewswire/ -- Avista Capital Partners ("Avista"), a leading private equity firm, today announced the completion of its acquisition of Miraca Life Sciences ("MLS" or the "Company") from Miraca Holdings Inc. 

MLS is one of the largest independent anatomic pathology labs in the United States. The Company provides subspecialty anatomic pathology services in the fields of gastroenterology, dermatology, hematology, breast health, and urology. MLS has established a leading reputation among clinicians by creating an innovative, best-in-class practice that results in improved patient care. MLS's skilled pathologists currently serve over 3,000 physicians and 5,500 patients each day, leveraging the Company's state-of-the-art laboratory infrastructure and rigorous quality assurance practices.

In connection with the closing of the acquisition, Scott Walton has been appointed CEO of MLS. Mr. Walton most recently served as President & CEO of Ameritox, a leader in pain medication monitoring. Mr. Walton has more than two decades of experience as a founder and executive of health care businesses, and more than thirteen years of experience in the lab services industry.

David Burgstahler, President and Co-Managing Partner of Avista Capital Partners, said, "We are excited to welcome MLS to our healthcare portfolio. We look forward to collaborating with Scott Walton, a seasoned industry executive in the lab services industry, to drive the Company's next phase of growth."

"I am honored to lead such an outstanding organization, and excited to start working with my new colleagues at MLS," said Mr. Walton. "In partnership with Avista, I look forward to building on MLS's extraordinary commitment to excellence, and positioning the Company for continued growth and expansion of our market leading services."

Kirkland & Ellis LLP acted as legal counsel to Avista.  Goldman, Sachs & Co. LLC acted as financial advisor and Skadden, Arps, Meagher & Flom LLP acted as legal counsel to Miraca Holdings Inc.

About Scott Walton

Mr. Walton is the former President & CEO of Ameritox, a leading pain medication monitoring company. Prior to joining Ameritox as its CEO, he was an Executive Vice President with Laboratory Corporation of America, where he ran the company's Esoteric Business Unit and was a member of LabCorp's five-person Executive Committee. He also previously served as LabCorp's head of Strategic Planning and Corporate Development, as well as the company's Chief Information Officer.

About Miraca Life Sciences

Headquartered in Irving, Texas, Miraca Life Sciences provides the highest quality anatomic pathology services, primarily in the fields of gastroenterology, dermatology, hematology, breast health and urology. The Company's team of nearly 90 distinguished expert subspecialists utilizes state-of-the-art pathology laboratories to serve more than 5,500 patients every day. Miraca Life Sciences continuously improves diagnostic accuracy through consensus-based terminology and criteria, rigorous quality assurance, daily consensus conferences, extensive educational and training activities and close relationships with clinical partners.  For more information, visit www.MiracaLifeSciences.com.

About Avista Capital Partners

Headquartered in New York, Avista Capital Partners is a leading private equity firm with approximately $5 billion under management.  Founded in 2005, Avista makes middle market control buyout investments in the healthcare sector and is currently investing out of its fourth fund.  Through its team of seasoned investment professionals and industry experts, Avista seeks to partner with exceptional management teams to invest in and add value to well-positioned businesses. For more information, please visit www.avistacap.com.

About Miraca Holdings Inc.

With group net sales of JPY204.2 billion (FYE 3/2017), Miraca Holdings, a Japan-based holding company in the healthcare sector, is engaged in the following three business segments: (1) clinical laboratory testing, (2) development, manufacture, and commercialization of in vitro diagnostics, and (3) other healthcare related businesses, which are conducted by its subsidiaries and affiliates including SRL, Inc. ("SRL"), Japan's largest commercial laboratory and Fujirebio Inc., a leading supplier of in vitro diagnostics in Japan. SRL offers comprehensive clinical laboratory testing services to medical institutes throughout the nation, ranging from general testing to esoteric testing.

Contacts:

For Avista:

Daniel Yunger and Kathleen Pierre
Kekst
212-521-4800
[email protected] / [email protected]

SOURCE Avista Capital Partners