UNIVERSAL STANDARD ACQUIRES LABORATORY OF CLINICAL MEDICINE, INC.
UNIVERSAL STANDARD ACQUIRES LABORATORY OF CLINICAL MEDICINE, INC. SOUTHFIELD, Mich., June 22 /PRNewswire/ -- Universal Standard Medical Laboratories, Inc. (USML) has acquired the Laboratory of Clinical Medicine, Inc. (LCM) of Lansing, one of the largest independent clinical laboratories serving central and western Michigan markets, Marvin M. Eisner, USML's chief executive officer, announced today. USML is the state's largest independent clinical laboratory. Privately held, LCM had annual sales in excess of $15 million and employs 325 at its central laboratory in Lansing and 12 patient service centers in Grand Rapids, Grand Ledge, Okemos, Flint, Jackson and Lansing. The firm offers a full range of clinical laboratory testing and pathology services for physicians and hospitals across the state. The current senior management team of LCM will remain. W.E. Maldonado, M.D., will be chairman and J.R. Kateley, Ph.D., will be president and chief executive officer of the new subsidiary, LCM/Universal Standard, Inc. Both executives have been named to new posts at USML. Dr. Maldonado has been named vice chairman and chief medical affairs officer of USML and Dr. Kateley has been named senior executive vice president of USML. USML's current senior management team of John Watkins, Alan Ker, Perry McClung, Don Voyles and Mike Miller continues unchanged. There will be no significant changes in operations or services at LCM, although additional tests and services will become available. "The acquisition offers an exciting future for both companies," Eisner said. "USML has recognized clinical and management resources, plus a strong interest in growth through the acquisition of similar companies. LCM/Universal Standard has an excellent reputation, excellent market position and a proven management and employee team. Most important, LCM/Universal Standard is recognized across the state for its eminent staff of pathologists and Ph.D. clinical scientists who serve more than 20 Michigan hospitals with both anatomical and clinical pathology services. This adds a new, valuable dimension to our service line." The LCM/Universal Standard acquisition is USML's second this year. In February, the company acquired BPS Laboratories of Clare, Mich. With annual revenues in excess of $5 million, BPS' client base is the central Michigan marketplace. Privately held, USML has revenues in excess of $50 million and 710 employees at 33 locations across Michigan. USML operates Universal Standard Managed Care, Inc., which provides capitated laboratory contracts for large employer groups. Clients include the UAW, Ford Motor Company, Chrysler Corporation, Mazda Motor Manufacturing (USA) Corporation and The Michigan Conference of The Teamsters Welfare Fund. USML is owned by WestSphere Capital Associates, L.P., New York, and Marvin Eisner. WestSphere is a national merchant banking firm, principally engaged in corporate acquisitions, growth capital and real estate transactions. -0- 6/22/92 /CONTACT: Marvin Eisner of Universal Standard Medical Laboratories, 313-358-0810/ CO: Universal Standard Medical Laboratories, Inc.; Laboratory of Clinical Medicine, Inc. ST: Michigan IN: HEA MTC SU: TNM
ML -- DE007 -- 2263 06/22/92 09:37 EDT
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|Date:||Jun 22, 1992|
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