Linden Enters Anatomic Pathology Sector Through Investment in Strata Pathology Services, Inc.
CHICAGO, July 26, 2011 /PRNewswire/ — Linden LLC, a Chicago-based healthcare private equity firm, today announced that it has made an investment in Strata Pathology Services, Inc., a leading independent anatomic pathology laboratory in New England.
Headquartered in Lexington, Massachusetts, Strata offers anatomic pathology services in the dermatology, urology, podiatry, oral pathology, gastroenterology and gynecology segments. Since 1984, the company has developed proprietary knowledge, expertise and strong client relationships, and has established itself as a thought leader in the dermatopathology space.
Linden Operating Partner Richard Novak, a 30-year veteran of the laboratory industry who previously was the chief operating officer of Laboratory Corporation of America (NYSE: LH), will serve as chairman of Strata. “The anatomic pathology market is an exciting and fast-growing segment of the lab industry, and Strata’s strong position in the New England market, clinical expertise and high-quality customer service position it well for future growth,” commented Novak.
Strata currently serves clients in more than 40 states and has recently added a number of international customers. With Linden’s leadership, Strata will look to enhance its robust historical growth through a broadening of its testing menu and a more expansive outreach program to bring Strata’s best-in-class client service and clinical expertise to a significantly wider customer base.
Robin Kirby, M.D., co-founder and medical director of Strata, added: “We are excited about our partnership with Linden during this next chapter for Strata. The expertise and capital that they bring to the table will help us to continue to bring the highest level of care to our customers and to expand our offering to many more physicians in New England and nationally.”
England & Company acted as exclusive financial advisor to Strata for this transaction.
About Strata Pathology Services, Inc.
Strata is a full-service anatomic pathology laboratory. The company offers services in all areas of surgical pathology and cytology, as well as molecular diagnostics and immunofluorescence. The pathology team has members with subspecialty board certifications in dermatopathology, hematopathology, cytopathology, nuclear medicine, and clinical pathology and the majority of the pathologists have more than 20 years of medical experience. Strata serves customers that range from major regional hospitals to small independent physician practices in more than 40 states. Headquartered in Lexington, Massachusetts, with additional facilities in Cambridge, Massachusetts, the company has more than 100 employees. For additional information, please visit www.pathsrv.com.
About Linden LLC
Linden is a Chicago-based private equity firm focused exclusively on leveraged buyouts in the healthcare and life science industries. Linden’s investment strategy is based upon three elements: i) healthcare and life science industry specialization, ii) integrated private equity and operating expertise, and iii) strategic relationships with large corporations. Linden currently manages $575 million in capital. For additional information, please visit www.lindenllc.com.
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