Caymus Equity Partners LLC (“Caymus Equity”) announces the completion of its ninth platform investment. A group formed by Caymus Equity, including Caymus Equity, PNC Mezzanine Capital (“PNC Mezzanine”) and management has completed the recapitalization of Medical Laboratory Diagnostics, LLC (“MedLabs” or the “Company”). Headquartered in Cedar Knolls, NJ, MedLabs is a leading independent diagnostic laboratory offering a menu of more than 400 tests to over 3,000 physician and hospital customers.
MedLabs is one of the oldest, independent, family-owned laboratories in the United States. Founded by Nickolas Mitilenes in 1951, the Company is currently run by George and Nick Mitilenes, the son and grandson of the founder. MedLabs operates out of a 53,000 square foot facility as well as twenty-eight patient service centers. The Company provides a large, comprehensive menu of laboratory developed, esoteric, STAT and routine tests, which has been created through sixty-seven years of providing exceptional service that larger competitors are unable to match. The team of professionals at MedLabs, with the help of highly innovative diagnostic tests and proprietary software, give medical providers the ability to tackle today’s healthcare challenges and make a difference in the lives of millions of patients.
The transaction provides MedLabs with the necessary capital and resources to continue to provide high quality services to its existing customers, and further grow its business through the expansion of its proprietary product portfolio in its existing and new geographic territories, as well as future add-on acquisitions.
“We are excited to partner with Caymus Equity and PNC Mezzanine,” said George Mitilenes, Ph.D., CEO of MedLabs, who, along with his son, Nick, retained a significant equity share of the Company. “This transaction is crucial as it will allow us to continue to execute on our long-term growth strategy and further develop our position as a leading independent laboratory in our market.”
“We look forward to supporting George and Nick Mitilenes and the entire MedLabs team in the next phase of the Company’s evolution by making investments in people and new products,” commented Geoffrey Faux, Managing Partner of Caymus Equity. “MedLabs has many compelling opportunities for growth so we anticipate supporting the Company as it expands its capabilities into new and existing markets, both organically and potentially through acquisition. This transaction also marks the second time we have partnered with PNC Mezzanine and we look forward to continuing our strong relationship.”