said the company denied any guilt or wrongdoing and settled the suit "to avoid considerable distraction and expense."
Now, they'll pay between $17-43 million to settle those allegations and others, according to the Department of Justice.Ī spokesperson for Genova Diagnostics Inc. Senior debt financing was provided by BMO Capital Markets (as Administrative Agent), CIT Finance (as Syndication Agent), MidCap Financial, Siemans Financial Services, and RBS Citizens (as Co-Documentation Agents) and NXT Capital.ASHEVILLE - A local laboratory company allegedly tested patients' feces unnecessarily and billed the federal government, leading to charges of Medicare fraud. Genova was advised by Lazard Middle Market. We are very excited about supporting the continued growth of the business.” “The company brings a highly differentiated offering to the clinical lab market and has become a critical and reliable resource to physicians and their patients. “We are excited to partner with Ted Hull, Sarah Martin, and the outstanding management team at Genova,” said Lauren Leichtman, Co-Founder and CEO of LLCP. The firm is based in Los Angeles with offices in Chicago, Dallas, New York and London ( The acquisition of Genova is the second investment from Levine Leichtman Capital Partners V, LP.
The firm is currently making new investments through Levine Leichtman Capital Partners V, LP Levine Leichtman Capital Partners SBIC Fund, LP and Levine Leichtman Capital Partners Private Capital Solutions II, LP. Ferrer Freeman is based in Greenwich, CT ( Levine Leichtman Capital Partners manages approximately $6.5 billion of capital through private equity partnerships, distressed debt and leveraged loan funds. Since its founding in 1995, the firm has invested over $900 million in 36 portfolio companies. The firm was founded in 1986 and is headquartered in Providence, RI ( Ferrer Freeman & Company makes growth capital investments in the healthcare industry. Sectors of interest include business services, manufacturing, and healthcare. Nautic targets majority equity investments of $25 million to $75 million. Nautic Partners is a middle-market private equity firm with over $2.5 billion of equity capital under management. We believe the company is well positioned to continue on its growth trajectory into the future under Levine Leichtman’s ownership.” “We operated as partners and succeeded together.
The company was founded in 1986 and is based in Asheville, NC ( “On behalf of the company, I’d like to thank Nautic and Ferrer Freeman for their partnership in building the company to where it is today,” said Ted Hull, Chairman and CEO of Genova. It currently serves more than 10,000 primary care physicians, specialists and other healthcare providers. The company offers more than 125 specialized diagnostic assessments that cover digestive, metabolic, immunology, endocrinology and other physiological areas. Genova Diagnostics is a specialty clinical laboratory focused on the identification and treatment of diseases, as well as providing information to support continued wellness and disease prevention. Nautic Partners and Ferrer Freeman & Company have sold Genova Diagnostics to Levine Leichtman Capital Partners and members of Genova management.
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