BIRMINGHAM, Ala. (July 15, 2015) – The Principals of Founders Investment Banking, LLC are pleased to announce that Alere, Inc. NYSE: ALR (Alere) has purchased substantially all of the assets of US Diagnostics, Inc. (USD), a leading provider of drug testing devices. US Diagnostics’ shareholders received $60 million in cash at closing and were exclusively advised by Principals of Founders Investment Banking. The transaction closed on July 10, 2015 and was led by Duane P. Donner II and Joe H. Brady III of Founders’.
US Diagnostics, headquartered in Huntsville, AL, is a leading provider of on-site, consumable drug testing products. The Company has exhibited substantial growth historically, expanded its customer base and coverage, and developed meaningful brand recognition in the industry.
“This has been a great experience in growing the team and business over the past eighteen years. We are excited to see US Diagnostics continue to thrive with the added resources of Alere,” said Larry Hartselle, owner of USD. “The Founders team did an outstanding job negotiating the deal, leading us throughout the process and getting the transaction closed,” he added.
“We expect the acquisition of USD to deliver strong returns on the capital invested and provide access to an expanded customer base with additional opportunities for selling other Alere Toxicology solutions and other business synergies,” said Namal Nawana, Chief Executive Officer and President of Alere.
“The Founders team really enjoyed working with Larry and his great team on this deal. We look forward to seeing the future success of US Diagnostics and are happy that we were able to deliver meaningful liquidity for our client” said Joe Brady, Director at Founders Investment Banking.
About Founders Investment Banking, LLC
Founders Investment Banking (Founders) is a merger, acquisition & strategic finance advisory firm serving middle-market companies. Founders’ focus is on healthcare, oil and gas, industrials, software, internet, and digital media companies located nationwide, as well as companies based in the Southeast across a variety of industries. Founders’ skilled professionals, proven expertise and process-based solutions help companies access growth capital, make acquisitions, and/or prepare for and execute liquidity events to achieve specific financial goals. In order to assist Founders Investment Banking with securities related transactions certain Principals are registered investment banking agents of M&A Securities Group, Inc., member FINRA/SiPC. M&A Securities Group and Founders are not affiliated entities. For more information, visit www.foundersib.com.
About US Diagnostics, Inc.
US Diagnostics is a leading provider of instant, on-site drug testing products designed for quick, accurate drug test results. Since the founding in 1998, US Diagnostics has provided customers “diagnostic testing packaged to go” for use in pre-employment screening, random and post-accident testing of employees. Additional information is available on the Company’s web site, www.usdiagnostics.com.
About Alere, Inc.
Alere believes that when diagnosing and monitoring health conditions, Knowing now matters™. Alere delivers on this vision by delivering reliable and actionable information through rapid diagnostic tests, enhancing clinical and economic health outcomes globally. Headquartered in Waltham, Mass., Alere focuses on rapid diagnostics for infectious disease, cardiometabolic disease and toxicology. For more information on Alere, please visit www.alere.com.