Renal Advantage to Acquire RenaLab.BRENTWOOD, Tenn. -- Will Broaden Services and Integrate Diagnostic and Therapeutic Capabilities Renal Advantage Inc., the fourth largest provider of dialysis services in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , today announced that it has entered into a definitive agreement with Fresenius Medical Care Fresenius Medical Care is a German company specializing in the production of medical supplies, primarily to facilitate or aid renal dialysis. It is 37%-owned by the health care company Fresenius SE. North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. (FMCNA FMCNA Fresenius Medical Care North America FMCNA Free Methodist Church of North America ) to manage and ultimately acquire RenaLab, an independent clinical laboratory located in Jackson, Mississippi Jackson is the capital and the most populous city of the U.S. State of Mississippi. It is one of the county seats of Hinds County; Raymond is the other county seat. As of the 2000 census Jackson's population was 184,256. , with administrative offices in Nashville. The terms of the transaction were not disclosed. RenaLab employs 163 individuals and currently provides services to over 33,000 end-stage renal disease End-stage renal disease (ESRD) Total kidney failure; chronic kidney failure is diagnosed as ESRD when kidney function falls to 5-10% of capacity. Mentioned in: Chronic Kidney Failure end-stage renal disease (ESRD ESRD end-stage renal disease. ESRD End-stage renal disease; chronic or permanent kidney failure. Mentioned in: Dialysis, Kidney ESRD End-stage renal disease, see there ) patients and the facilities where they are treated. It is expected that RenaLab will serve patients at Renal Advantages' 73 facilities. Substantially all of the employees of RenaLab are joining Renal Advantage effective May 1, 2006. Under the terms of the agreements, Renal Advantage will help manage RenaLab until the completion of the acquisition, which is expected at the end of 2006. In commenting on the announcement, Michael D. Klein, Chief Executive Officer of Renal Advantage, said, "This is a major milestone for our company. Operating our own laboratory increases our control over data generation, which can positively impact both the quality and delivery of patient care. It also provides us with better control of our costs and integrates diagnostic capabilities with the therapy we provide in our dialysis centers." In closing, Mr. Klein added, "We are fortunate to join with the exceptional RenaLab employees who were part of Renal Care Group before its acquisition by FMCNA. These are both great companies, led by people we know and respect with a legacy and tradition of excellence. We will work closely with their management to coordinate and assure a timely and smooth transition." About Renal Advantage Based in Brentwood, Tennessee Brentwood is a city in Williamson County, Tennessee, United States. The population was 23,445 as of the U.S. Census Bureau's 2000 census, and as of 2007, Brentwood's population has increased to over 30,000. Brentwood is an affluent Nashville suburb. , Renal Advantage Inc. was founded by veteran healthcare executives to build a leading national provider of high-quality services to patients with end-stage renal disease. Its growth plan began with the acquisition of 73 dialysis centers, which was financed in partnership with Welsh, Carson, Anderson & Stowe, one of the most experienced and successful healthcare private equity investors in the world, with approximately $4 billion of capital invested in the healthcare industry to date. Renal Advantage is not affiliated with any other dialysis provider. For more information, visit the Company's website at www.renaladvantage.com. |
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