MTS Health Investors Acquires DNA Diagnostics Center, Inc.
NEW YORK, Oct 21, 2008 (BUSINESS WIRE) -- MTS Health Investors, LLC ("MTS"), a healthcare private equity firm, has purchased DNA Diagnostics Center, Inc. and related entities ("DDC" or the "Company") from founder Dr. Richard Lee, MTS announced today. Terms of the transaction were not disclosed.
DDC, based in Fairfield, Ohio, is one of the largest and most reputable DNA testing laboratories worldwide and the market leader in human DNA identification testing for the private sector. The Company provides a wide array of DNA testing services in the fields of biological family relationships, forensics and veterinary genetics. DDC has earned a reputation for world-class quality results and customized service and is fully accredited by all leading accreditation organizations.
DDC has achieved national recognition serving as the laboratory of choice for many national media programs including Dateline, 48 Hours and Dr. Phil, and has provided the DNA testing for numerous high-profile legal disputes. These cases include the Ohio Innocence Project, which helped exonerate Robert McClendon after 18 years of incarceration, and the landmark paternity suit that identified Larry Birkhead as the biological father of Anna Nicole Smith's daughter.
Concurrent with the transaction, Dr. Ellen Moscovitz joins DDC as Chief Executive Officer. She has over 20 years of experience in the DNA testing industry, most recently leading the DNA identification Testing Division of Laboratory Corporation of America. "I am excited to join DDC and partner with MTS," said Moscovitz. "I look forward to building on the Company's leadership position and stellar reputation within the DNA testing services industry."
Dr. Michael Baird, a pioneer and one of the foremost authorities in the DNA testing industry, will continue in his current capacity as Laboratory Director. Dr. Baird said, "We are pleased to partner with MTS and Dr. Moscovitz to further the success of the Company and pursue additional opportunities within the DNA testing arena."
Kenton Rosenberry, Managing Director at MTS, said, "We are delighted to have consummated the acquisition of DDC in a very turbulent economic environment and to partner with Dr. Moscovitz and the DDC team to further the Company's growth and drive significant value creation."
About DNA Diagnostics Center, Inc.
DDC, based in Fairfield, Ohio, is one of the largest and most reputable DNA testing laboratories worldwide. The Company provides a wide array of DNA testing services in the fields of biological family relationships, forensics and veterinary genetics. DDC enjoys a market leading position in the private individual DNA testing market. The company provides DNA testing services to government agencies, private individuals and the legal and corporate community. The Company has approximately 200 employees and utilizes a large network of active specimen collection sites with locations worldwide. For further information, please visit: www.dnacenter.com.
MTS Health Investors, LLC, located in New York, is a healthcare private equity firm that makes equity investments in the buyout, recapitalization or growth financing of healthcare operating companies. MTS focuses on businesses that operate in services sectors of the healthcare industry -- managed care/health insurance, providers of healthcare services, distributors of medical products and providers of outsourced services to the healthcare industry. The firm also invests in manufacturers of low-technology medical products. For further information, please visit: www.mtshealthinvestors.com.