NEW YORK (GenomeWeb News) – Private equity firm GTCR today announced a partnership with former Gen-Probe executives Carl Hull and Eric Tardif to form Maravai Life Sciences.
Based in San Diego, Maravai will acquire diagnostics and life science companies and products "as part of a strategy to build a market-leading healthcare business," GTCR said, adding it is investing up to $300 million into the partnership.
Maravai's strategy is to acquire companies and accelerate their growth by investing cash into the operations, acquiring complementary businesses or product lines, and leveraging Hull and Tardif's expertise in the diagnostics and life sciences arenas.
Hull was the CEO of Gen-Probe and shepherded the firm as it was being acquired for $3.8 billion by Hologic in 2012. He also has held executive positions at Applied Biosystems, now part of Thermo Fisher Scientific, Ventana Medical Systems, and Abbott Laboratories.
Tardif was a senior VP at Gen-Probe and was responsible for creating a corporate strategy, and evaluating and executing mergers and acquisitions.
Maravai said on its website that it is interested in firms focused mainly in the in vitro diagnostics, diagnostic laboratory services, and life sciences tools markets. The companies should have leadership positions in their principal operating segments "driven by either proprietary products or services," and have "clear" revenue growth opportunities with annual operating earnings of at least $15 million, generally.