This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Eurofins Nabs ViraCor for $225M

NEW YORK (The Deal) -- Analytical testing service Eurofins Scientific SE on Friday continued its push to expand in the U.S. market, announcing plans to acquire private equity-backed ViraCor-IBT Laboratories Inc. for $255 million.

Lee's Summit, Mo.-based ViraCor is a provider of specialty diagnostic testing, including biologic and molecular testing, to hospitals, physicians and pharmaceutical companies. The company serves 500 institutional clients and more than 4,000 affiliated clinicians and 12 pharmaceutical firms from labs in the Midwest and in Los Angeles, with Ebitda of $25 million on sales of $80 million expected in 2014.

ViraCor-IBT is currently majority owned by Ampersand Capital Partners, a middle market firm focused on the healthcare sector.

The target offers more than 2,000 tests, including a broad menu of tests for infectious diseases, allergies and immunology. Luxembourg-based Eurofins in a statement said that the deal would broaden its portfolio of tests, and give the company entry into a new U.S. market segment.

"VIBT provides Eurofins strong entry and leadership position in the specialty diagnostic testing market, thereby significantly enhancing our capabilities in pharmaceutical testing," Eurofins CEO Gilles Martin said in a statement. "Furthermore, the addition of VIBT into the Eurofins Group allows Eurofins to leverage its renowned competence in genomic testing to better serve the global healthcare community."

The deal is Eurofins' second this week, following its agreement to buy Calscience Environmental Laboratories Inc. for an undisclosed sum. Garden Grove, Calif.-based Calscience is a $20 million-sales environmental and marine chemistry testing laboratory.

Eurofins in 2011 bought Lancaster Laboratories Inc. of Pennsylvania for $200 million. The company globally employs more than 15,000 in 190 laboratories in 36 countries.

Ampersand's connection to ProGene Biomedical Inc., doing business as IBT Reference Laboratory, dates back to 2004, when the Wellesley, Mass.-based private equity firm invested $5 million in equity financing. IBT Laboratories in 2009 merged with ViraCor Laboratories with the assistance of additional financing from the fund.

The company in 2013 added two bolt-on deals, buying Cylex Inc. and the laboratory assets of the National Institute of Transplantation for undisclosed sums.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,051.73 -48.45 -0.28%
S&P 500 1,973.63 -4.59 -0.23%
NASDAQ 4,424.7040 -7.4420 -0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs