BelHealth Completes Asset Sale of General Genetics Corp.

Rhea-AI Summary

BelHealth Investment Partners has finalized the sale of its international division of General Genetics Corporation (GGC) to Genetic Technologies Limited (GTG) for a mix of cash and GTG stock. GGC specializes in relationship and clinical genetic testing services, mainly through its EasyDNA brand, supported by two offices in Malta and Australia. This acquisition is anticipated to enhance GTG's "health and wellness" testing platform, facilitating future growth opportunities. BelHealth is a private equity firm focused on U.S. lower middle market healthcare companies, managing a $350 million fund.

Positive

• The sale enhances Genetic Technologies Limited's health and wellness testing capabilities.
• Acquisition of EasyDNA strengthens GTG's market position in genetic testing.

Negative

• None.

FORT LAUDERDALE, Fla., Sept. 9, 2021 /PRNewswire/ -- September 9, 2021–BelHealth Investment Partners, LLC ("BelHealth") is pleased to announce that it has completed the sale of assets of the international division of General Genetics Corporation (GGC), a provider of relationship and clinical genetic testing services, to Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company ("GTG"). The transaction was structured in a combination of cash and stock of GTG. 

"We are pleased to see this transaction come to fruition," said Inder Tallur.

Founded in 2013, GGC, managed its non-US based direct-to-consumer (DTC) genetic testing business consisting of trademarks, websites, and a strong network of brand agents via two offices based in Malta and Australia. BelHealth acquired GGC to target the rapidly evolving genomics sector by acquiring three genetic testing laboratories in the US combined with the international direct-to-consumer business to complement its laboratory services. In May 2015, GGC sold the laboratory business and focused solely on the international business and its primary brand EasyDNA.

"We are pleased to see this transaction come to fruition" said Inder Tallur, Managing Partner, BelHealth. "We believe this acquisition will enable GTG to integrate EasyDNA into its overall "health and wellness" testing platform and position itself for future growth. As shareholders, we look forward to a successful partnership with GTG."

About BelHealth Investment Partners
BelHealth Investment Partners is a healthcare private equity firm focused on U.S. based lower middle market companies. BelHealth has a unique combination of investing, executive management and entrepreneurial experience. BelHealth acquires majority positions in entrepreneur-owned companies that it believes would benefit from its extensive operating and private equity investment expertise. The firm typically invests $20-$50 million per platform company. BelHealth is currently investing from Fund II, a $350 million fund.

Media Contact:

BelHealth:
Inder Tallur: (917) 975-6604, itallur@belhealth.com

View original content:https://www.prnewswire.com/news-releases/belhealth-completes-asset-sale-of-general-genetics-corp-301372243.html

SOURCE BelHealth Investment Partners

FAQ

What was the transaction announced by BelHealth on September 9, 2021 regarding GENE?

BelHealth completed the sale of assets of General Genetics Corporation to Genetic Technologies Limited, involving cash and stock.

How does the acquisition of GGC benefit Genetic Technologies Limited (GENE)?

The acquisition allows GTG to integrate EasyDNA into its testing platform, enhancing growth potential.

What services does General Genetics Corporation provide?

General Genetics Corporation offers relationship and clinical genetic testing services.

Who managed the sale of General Genetics Corporation's international division?

BelHealth Investment Partners managed the sale of GGC's assets.

What is the focus of BelHealth Investment Partners?

BelHealth focuses on U.S. lower middle market healthcare companies with a unique investment strategy.