Singapore, Aug 26, 2010: TA Associates, a global growth private equity firm, has acquired a minority investment in Dr Lal PathLabs (LPL), one of India’s largest chain of pathology laboratories, by purchasing half of Sequoia Capital’s stake. Sequoia Capital, India, has been an investor in Dr Lal PathLabs since 2005.

Dr Lal PathLabs was founded in New Delhi in 1949, by Dr S K Lal, as a single laboratory in central Delhi. Today, the company, under the stewardship of Dr Arvind Lal, chairman, and Dr Om Manchanda, CEO, has grown rapidly to become one of the country’s largest diagnostic networks, comprising two state-of-the-art central laboratories, 55 satellite laboratories, 850 collection centers besides 2,500 pick-up points.

“Dr Lal PathLabs is an exciting growth story ,and a highly compelling investment opportunity,” said Mr Naveen Wadhera, director, TA Associates, who will join the company’s board of directors. “Over the last 60 years, LPL has made a name for itself, particularly in Delhi and the national capital region (NCR), by providing the highest quality diagnostic lab tests and service levels to consumers.”

Dr Lal PathLabs offers a range of more than 1,700 diagnostic tests to consumers, from routine biochemistry tests to more complex molecular tests, and tested over three million patients in the last fiscal year. The company is accredited by the College of American Pathologists and the National Accreditation Board for Testing and Calibration of Laboratories, and has achieved ISO 9001:2000 certification for its laboratories.

“TA Associates and Sequoia Capital form an ideal investor group for our company,” said Dr Arvind Lal, chairman, Dr Lal PathLabs. “TA brings a wealth of healthcare investment experience, a fast-growing presence in the Indian market, and top-flight strategic resources that will enable our company to continue its strong growth trajectory. Sequoia Capital, India, remaining as a shareholder and board member is a strong positive of this deal, as we can continue to benefit from their ability to add value to achieve our objectives.”