DNA Diagnostics Center (DDC) Names Peter Vitulli President And Ceo; Company Completes Sale-leaseback Transaction With Aic Ventures
FAIRFIELD, Ohio, July 16, 2010 — DDC’s Board of Directors announced that Peter Vitulli has been named President and Chief Executive Officer of DNA Diagnostics Center, the world’s leading private DNA testing laboratory, headquartered in Fairfield, Ohio. DDC has been a portfolio company of MTS Health Investors and Oaktree Capital Management since October of 2008.
Peter brings over thirty years of experience within the consumer products and healthcare industries to DDC, including twenty years as President, CEO, or Chairman of several corporations. His extensive experience ranges from managing start-ups for investor groups to helping build Gatorade into a billion-dollar business for the Quaker Oats Company. His success has been achieved by building strong teams that are absolutely committed to achieving profitable growth.
“Peter has the right experience and track record to lead DDC into new and exciting growth opportunities in the DNA testing field,” said Curtis Lane, Senior Managing Director of MTS Health Investors. “His leadership skills and strategic vision will position DDC to further dominate the private DNA parentage testing market, and accelerate product development in new arenas, which is an important part of the company’s strategy.”
“DDC is a great company that is extremely well positioned within the growing and dynamic genetic testing industry,” said Peter. “It is the undisputed leader in the paternity testing market and is strongly positioned across several other growth categories. Its quality and service are unsurpassed and I am very excited to join an outstanding team.”
The Company also announced that AIC Ventures has acquired DDC’s 66,000 square foot office building located in Cincinnati, Ohio. At closing, DDC entered into a long-term lease with AIC Ventures. Proceeds from the sale were used to pay down debt.
“AIC and DDC were able to close the transaction in less than 60 days following the completion of the commitment letter, demonstrating swift execution in the real estate arena,” said Alex Buzik, Vice President of MTS Health Investors. “DDC and MTS are excited about the partnership created by teaming up with AIC Ventures on this transaction,” Buzik added.
DDC is one of the largest and most reputable DNA testing laboratories worldwide. Since 1995, DDC has performed genetic tests for over 1 million clients around the world. The Company provides a wide array of DNA testing services in the fields of biological family relationships, forensics and veterinary genetics, and has approximately 150 employees and utilizes a large global network of active specimen collection sites.
About DNA Diagnostics Center
DNA Diagnostics Center (DDC) is the world’s largest provider of private DNA tests. Since 1995, DDC has performed genetic tests for over 1 million clients around the world. DDC offers comprehensive DNA testing services in several specialty areas: family relationship testing, forensics, health and wellness, and veterinary DNA testing. As the leading force in the private DNA paternity testing industry, DDC was one of the first to adopt robotics technology in its laboratory processes for stringent and efficient handling of DNA samples. DDC’s unique Dual Process™ for family relationship testing ensures results of unmatched quality and reliability.
DDC’s quality DNA testing services are nationally and internationally recognized by a number of professional accrediting organizations such as ACLASS (for ISO/IEC-17025), the AABB, the American Society of Crime Laboratory Directors–Laboratory Accreditation Board (ASCLD/LAB-International), and the College of American Pathologists (CAP).
MTS Health Investors, LLC, located in New York, is a healthcare private equity firm that makes equity investments in the buyout, recapitalization or growth financing of healthcare operating companies. MTS focuses on businesses that operate in services sectors of the healthcare industry – managed care/health insurance, providers of healthcare services, distributors of medical products and providers of outsourced services to the healthcare industry. The firm also invests in manufacturers of low-technology medical products.
About AIC Ventures
AIC Ventures is a leading provider of alternative capital to middle-market companies via real estate sale leaseback real estate transactions. With over $1 billion in completed transactions, AIC Ventures structures innovative corporate finance solutions for companies that need to strengthen their balance sheets, fund growth initiatives including acquisitions, fund succession planning and/or support other strategic initiatives. The company has closed 119 transactions in 28 states and has completed fundraising for its eighth fund.