AVISTA CAPITAL PARTNERS COMPLETES SALE OF INFORM DIAGNOSTICS TO FULGENT GENETICS, INC.
NEW YORK, April 27, 2022 /PRNewswire/ -- Avista Capital Partners ("Avista"), a leading private equity firm focused exclusively on healthcare, today announced that it has closed on the sale of Inform Diagnostics ("Inform Diagnostics") to Fulgent Genetics (NASDAQ: FLGT). Inform Diagnostics is one of the largest national pathology laboratories in the United States with offerings across gastrointestinal pathology, dermatopathology, urologic pathology, and hematopathology, among others. The company currently provides services to approximately 1,300 clients who represent over 2,700 physicians.
Fulgent Genetics originally announced its definitive agreement to acquire Inform Diagnostics for approximately
In 2017, Avista's Fund IV carved out Inform Diagnostics from Miraca Life Sciences and worked diligently with the newly recruited management team to create a successful standalone company. Shortly thereafter, Inform Diagnostics grew its capabilities via the acquisition of Therapath, a leading neuropathology laboratory based in New York and the expansion of its Newton, Massachusetts facility. During Avista's ownership period, Inform Diagnostics executed on a host of compelling corporate and growth initiatives, including the appointments of numerous senior team members, enhanced financial flexibility to drive corporate growth and strengthened compliance policies and procedures.
Sriram Venkataraman, Avista Partner said, "Inform Diagnostics' precision and laboratory excellence have earned the trust of clinicians and enhanced patient care. It has been a privilege to work with Inform's dedicated team and we are confident they will continue to thrive and deliver outstanding results as part of Fulgent's platform."
Darryl Goss, Inform Diagnostics' Chief Executive Officer, added, "Avista has been a true partner, guiding our strategic growth and supporting our organization, particularly as we navigated the challenges of the pandemic. I am proud to have worked alongside a talented group of individuals, who not only believed in and invested in our technical innovation and continuous improvement, but also showed great care and concern for our employees, clients, and the patients we serve. Being acquired by Fulgent is an excellent outcome for our organization, allowing us to build upon the technologically driven initiatives started with Avista, and furthering our commitment to providing exceptional quality and service."
Kirkland & Ellis served as legal counsel to Inform Diagnostics in connection with the transaction.
About Avista Capital Partners
Founded in 2005, Avista Capital is a leading New York-based private equity firm with nearly
About Inform Diagnostics
Inform Diagnostics is one of the largest independent pathology laboratory businesses in the U.S. With exceptional quality and experience, Inform Diagnostics provides subspecialty pathologist–to–physician interaction with timely, definitive patient diagnoses in gastrointestinal pathology, dermatopathology, hematopathology, neuropathology, breast pathology, molecular diagnostics, and genitourinary pathology. Inform Diagnostics is profoundly impacting patient care, one diagnosis at a time, by practicing medicine at the intersection of quality, service, and solutions. The company is headquartered in Irving, Texas, with additional state–of–the–art laboratories in Boston, New York City, and Phoenix.
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SOURCE Avista Capital Partners
