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Canada  + Alberta & Prairies  + Cross Border News  + Ontario  + Pacific Canada  + Healthcare  | 
LifeLabs, Canada's largest medical-testing company, has been put up for sale.

OMERS Puts LifeLabs on Market: Globe

LifeLabs, Canada’s largest medical-testing company, has been put up for sale, the Globe and Mail reported.

Potential Canadian and U.S.-based bidders have demonstrated interest, according to the report. Toronto-based LifeLabs has 382 collection centres and 16 laboratories in Ontario, B.C., and Saskatchewan.

The Ontario Municipal Employees Retirement System, the company’s owner, has chosen New York-based Evercore Group to lead the search for a purchaser, the Globe reported while citing two of four unidentified sources with knowledge of the marketing process.

Vaughan, Ont-based Andlauer Healthcare Group and Secaucus, N.J.-based Quest Diagnostics, a Fortune 500 company, are two leading potential buyers, three of the four sources told the Globe.

Adlauer Healthcare is headed by founder Michael Andlauer, who is also the majority owner of the National Hockey League’s Ottawa Senators. Quest’s largest shareholders include Vanguard Group and BlackRock.

According to the Globe, OMERS is seeking a premium valuation that exceeds the $2.5 billion that the pension plan has invested in LifeLabs during 17 years of ownership.

Photo: JHVEPhoto / Shutterstock.com

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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

  • ◦Sale/Acquisition
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