Triad Laboratory Alliance, LLC d/b/a Spectrum Laboratory Network, a leading regional provider of clinical laboratory and disease screening services, a clinical laboratory and disease screening services provider, and equity investment group Apax Partners, L.P. announced that funds advised by Apax Partners will acquire a majority ownership interest in Spectrum.
In conjunction with the transaction, Moses Cone Health System, one of the health systems that founded Spectrum in 1998, will retain a significant ownership position in the company, as well as representation on its board of directors.
Spectrum’s current management staff will be maintained in their areas of responsibility, and will continue to be led by Nate Headley, who will serve as President and CEO of Spectrum Holdings, Incorporated, the parent of Spectrum Laboratory Network.
“Apax Partners’ purchase of majority ownership of Spectrum provides us with additional financial and strategic capabilities to support the high quality testing services we provide to a range of customers in five states in the Southeastern U.S. — services that have driven our strong growth historically,” said Nate Headley, president and CEO of Spectrum. “As our clients have come to recognize, Spectrum will continue to be dedicated to quality and exceptional service. It will be business as usual at the 10 hospital laboratories we manage, as well as the commercial laboratories we operate across the Southeast.”
Greensboro, North Carolina-based Spectrum Laboratory Network supports more than 7,000 physicians in North Carolina, South Carolina, Georgia, Tennessee and Virginia by performing each day more than 30,000 individual tests, including blood tests, cellular tests, testing for cancer and other diagnostic testing services. Spectrum also provides onsite management services for labs at certain leading hospitals, including Moses Cone Health System and High Point Regional Health System, in North Carolina and Tennessee.