Contact
For Renal Advantage Inc.
(615) 661-1100
Michael D. Klein
Chief Executive Officer
or
Linda M. Meador
Vice President, Human Resources
or
John K. Crawford
Chief Financial Officer
News Releases
Renal Advantage to Acquire Renalab
Brentwood, Tennessee (May 3, 2006)
Renal Advantage Inc., the fourth largest provider of dialysis services in the United States, today announced that it has entered into a definitive agreement with Fresenius Medical Care North America (FMCNA) to manage and ultimately acquire RenaLab, an independent clinical laboratory located in Jackson, Mississippi, with administrative offices in Nashville. The terms of the transaction were not disclosed.
RenaLab (www.renalab.com) employs 163 individuals and currently provides services to over 33,000 end-stage renal disease (ESRD) patients and the facilities where they are treated. It is expected that RenaLab will serve patients at Renal Advantages' 73 facilities. Substantially all of the employees of RenaLab are joining Renal Advantage effective May 1, 2006. Under the terms of the agreements, Renal Advantage will help manage RenaLab until the completion of the acquisition, which is expected at the end of 2006.
In commenting on the announcement, Michael D. Klein, Chief Executive Officer of Renal Advantage, said, "This is a major milestone for our company. Operating our own laboratory increases our control over data generation, which can positively impact both the quality and delivery of patient care. It also provides us with better control of our costs and integrates diagnostic capabilities with the therapy we provide in our dialysis centers."
In closing, Mr. Klein added, "We are fortunate to join with the exceptional RenaLab employees who were part of Renal Care Group before its acquisition by FMCNA. These are both great companies, led by people we know and respect with a legacy and tradition of excellence. We will work closely with their management to coordinate and assure a timely and smooth transition."
About Renal Advantage
Based in Brentwood, Tennessee, Renal Advantage Inc. was founded by veteran healthcare executives to build a leading national provider of high-quality services to patients with end-stage renal disease. Its growth plan began with the acquisition of 73 dialysis centers, which was financed in partnership with Welsh, Carson, Anderson & Stowe, one of the most experienced and successful healthcare private equity investors in the world, with approximately $4 billion of capital invested in the healthcare industry to date. Renal Advantage is not affiliated with any other dialysis provider. For more information, visit the Company's website at www.renaladvantage.com.