Levine Leichtman Capital Partners (“LLCP”), a Los Angeles-based private equity firm, announced today that it has partnered with management to acquire Asheville, NC-based Genova Diagnostics, Inc. (“Genova” or the “Company”). Genova, founded in 1986, is a global specialty clinical laboratory that has pioneered a unique, systems-based approach to testing that supports the personalized diagnosis, treatment and prevention of chronic disease. The Company offers more than 125 specialized diagnostic assessments that cover digestive, metabolic, immunology, endocrinology and other physiological areas. It currently serves more than 10,000 primary care physicians, specialists and other healthcare providers.
Genova is the second investment from Levine Leichtman Capital Partners V, L.P. According to Lauren Leichtman, Co-Founder and CEO of LLCP, “We are excited to partner with Ted Hull, Sarah Martin, and the outstanding management team at Genova. The Company brings a highly differentiated offering to the clinical lab market and has become a critical and reliable resource to physicians and their patients. We are very excited about supporting the continued growth of the business.”
Ted Hull and his management team will retain a significant ownership in the company and will continue to lead Genova. Regarding the transaction, Ted Hull commented, “I am very excited about welcoming LLCP to the Genova family. We are confident that their long history of successfully investing alongside management teams will add significant value to Genova.” Sarah Martin added, “As the Company continues to grow and diversify its product offering, having a partner with the financial means and experience of LLCP is very attractive. I expect this partnership will contribute meaningfully to the continued growth of our franchise.”
Genova was advised by Lazard Middle Market. Senior debt financing was provided by BMO Capital Markets (as Administrative Agent), CIT Finance, LLC (as Syndication Agent), MidCap Financial, LLC, Siemans Financial Services, Inc. and RBS Citizens N.A. (as Co-Documentation Agents) and NXT Capital, LLC.