New York-based BelHealth Investment Partners, through newly formed company General Genetics Corp., has snapped up a trio of genetic testing companies across New Mexico.
The health care-focused private equity firm paid an undisclosed amount for Genetics Testing Laboratories Inc., Forensic Testing Laboratory Inc. and Clinical Testing Laboratories Inc. Each company is based in Las Cruces.
The labs offer a variety of genetic testing services, including DNA testing and risk profiling for breast cancer and diabetes. Each company was established in 2001 at New Mexico State University's Arrowhead Research Center.
The deals make good on BelHealth’s goal of purchasing companies that operate in this space, chairman Dennis Drislane said in a statement, citing genetic testing as the “fastest growing segment of the laboratory industry.”
In addition to the acquisitions, BelHealth also named private equity veteran Bud Thompson chief executive of General Genetics. Thompson previously spent more than 30 years in general health care management—most recently as chief administrative officer for Solstas Lab Partners, a portfolio company of New York private equity firm Welsh Carson Anderson and Stowe.
Prior to that, he was chief executive of Carilion Clinical Laboratories, a wholly-owned subsidiary of Carilion Clinic, a non-profit integrated hospital system in Roanoke, Va.