Dr Lal PathLabs, an India-based chain of pathology laboratories, has received a minority investment of undisclosed amoun from TA Associates.
The global growth private equity firm purchased half of the stake that Sequoia Capital has held in the company since 2005.
Founded in New Delhi in 1949 by Dr. (Major) S.K. Lal as a single laboratory in central Delhi, Dr Lal PathLabs has become one of the country’s largest diagnostic networks. It currently comprises two central laboratories, 55 satellite laboratories, 850 collection centers and 2,500 pick-up points to offer a range of more than 1,700 diagnostic tests from routine biochemistry tests to more complex molecular tests.
In conjunction with the investment, Naveen Wadhera, Director, TA Associates Advisory Pvt. Ltd., will join the company’s board of directors.
The company offers a range of more than 1,700 diagnostic tests to consumers, from routine biochemistry tests to more complex molecular tests, and tested over three million patients in the last fiscal year. The company is accredited by the College of American Pathologists and the National Accreditation Board for Testing and Calibration of Laboratories, and has achieved ISO 9001 2000 certification for its laboratories.
Explaining the plans of the company, Dr. Om Manchanda, CEO, Dr Lal PathLabs, was quoted as saying: “LPL has so far been concentrating on greenfield expansions. Now, we are embarking on an aggressive growth plan that includes acquisitions. By the end of 2011, we are intent on having a 100-strong laboratory network, 1,000 collection centers and 3,000 pick-up points across India.
“The presence of both TA Associates and Sequoia Capital on the LPL board now gives us the leverage of accessing funds for adopting this ambitious growth plan. The LPL team looks forward to receiving strategic inputs from TA Associates, which has invested in healthcare companies around the world”, he added.