SEATTLE--(BUSINESS WIRE)--Frazier Healthcare, a leading provider of growth equity and venture capital to high growth and emerging healthcare companies, announced today that it has acquired Laboratory Supply Company, Inc. (LABSCO). Headquartered in Louisville, Kentucky, LABSCO is the largest privately held supplier of diagnostic instrumentation and clinical laboratory products to hospitals, physician office laboratories, reference labs and other non-acute care settings in the United States. Under Frazier Healthcare’s ownership, LABSCO will continue to operate under the LABSCO name and provide services to the more than 8,000 customers currently served by the company.
The LABSCO leadership team will be strengthened by the addition of two healthcare distribution industry veterans. Steve Nielsen, formerly Founder/CEO of Activus Healthcare Solutions and CEO of General Medical, will become Chairman and CEO. Dan Eckert, formerly President and Chief Executive Officer of PolyRemedy, Inc., will assume the role of President and COO. Nielsen and Eckert have served as Operating Partners with Frazier Healthcare since 2009. They will both serve on the LABSCO Board of Directors along with Nader Naini and Ben Magnano of Frazier Healthcare. Charlie Davis, the founder of LABSCO, will remain on the LABSCO Board and will continue to work with the management team during the ownership transition.
“The acquisition of the LABSCO business demonstrates our commitment to backing proven industry executives like Steve Nielsen and Dan Eckert to invest in and grow specialty healthcare service companies that are positioned to play important roles in improving the quality and reducing the cost of healthcare in the U.S.,” said Nader Naini, general partner, Frazier Healthcare.
“We are excited by the opportunity to leverage LABSCO’s existing team and 40 year history of high quality service and focus on the customer under the leadership of Charlie Davis to build a national leader in specialty laboratory supply and services,” said Steve Nielsen. “Frazier Healthcare is the ideal partner to provide the financial and strategic resources we need to achieve this goal.”
Mr. Davis added, “I chose to sell to Frazier Healthcare at this time because I believe that our company will grow and thrive with an owner and management team that is committed to building a national leader on the strong foundation that our employees have created over the years.”
For additional information, please visit the company’s website at www.labsco.com.
About LABSCO
Laboratory Supply Company was founded by Charles (Charlie) Davis in Louisville, Kentucky in 1972. LABSCO has nine distribution centers and has grown to be the largest privately held distributor of clinical laboratory products in the United States. LABSCO is known for its expertise in the clinical laboratory, but is also a full line distributor of laboratory supplies and instrumentation and medical/surgical products to the physician office laboratory (POL) and other alternate care settings.
About Frazier Healthcare
Founded in 1991, Frazier Healthcare is a leading provider of growth equity and venture capital to high growth and emerging healthcare service, biopharma and medical device companies. With over $1.8 billion under management across seven funds, Frazier Healthcare has invested in over 100 companies across the entire developmental spectrum. From seed stage venture investments to leveraged recapitalizations of cash generating companies, Frazier Healthcare has established itself among entrepreneurs and seasoned executives as a preferred partner to help create and grow successful healthcare companies.