Great Point Partners has sold portfolio company MLM Medical Labs to Labcorp, completing an exit of a global central and specialty laboratory provider serving the clinical trials and biopharmaceutical markets.
MLM provides central laboratory, specialty testing, biomarker testing, and drug development services to life sciences and biopharmaceutical companies.
During Great Point Partners’ ownership, MLM expanded from a single location in Germany into an international operation with laboratories in Germany, the United States and South Africa.
Great Point said MLM’s revenue and EBITDA both increased fourfold during its ownership period.
The investment firm supported two strategic acquisitions in the United States and South Africa as part of the expansion strategy.
Great Point also recruited Scott Houlton as CEO, strengthened MLM’s finance and commercial teams and developed a new board.
MLM now supports more than 300 clinical trials at any given time.
Its services include central laboratory testing, biomarker testing, assay development, kit building, and long-term sample management and storage.
The company is headquartered in Mönchengladbach, Germany, with additional laboratories in Memphis, Tennessee and Pretoria, South Africa.
The sale expands MLM’s next phase under Labcorp, which operates a global laboratory and life sciences business.
William Blair & Company served as financial advisor to MLM, while McDermott Will & Schulte served as legal counsel.
Great Point Partners manages approximately $1.7 billion of capital across its private funds and BioMedical Value Fund public life sciences equity strategy.
KEY QUOTES:
“When we invested, we saw a science-led business with exceptional global commercial potential. Drawing on our network, we hired Scott Houlton as CEO, strengthened the finance and commercial teams, and built a world-class Board. With our sourcing team, we completed two strategic acquisitions in the United States and South Africa, giving the Company a truly global footprint and accelerating revenue growth.”
Rohan Saikia, Managing Director at Great Point Partners
“Under our ownership, MLM quadrupled its revenue and EBITDA, expanded its geographic footprint from a single site in Germany to additional locations in the United States and South Africa, and strengthened its offerings to customers, all while preserving the culture and high-quality service instilled by MLM’s original scientific leaders.”
Bret Tenenhaus, Principal at Great Point Partners
“Great Point’s deep knowledge of pharmaceutical services, combined with their hands-on support at every stage of the tuck-in acquisition process, was instrumental in helping us scale into a high-growth global business. The exceptional Board GPP assembled brought perspective that shaped our strategy. This is now my second successful partnership with GPP building a global life sciences services business, a collaboration that has been invaluable to our entire team.”
Scott Houlton, CEO of MLM Medical Labs
