Nichols Agrees to Acquire Medlab for $5.3 Million

Nichols Institute, a clinical laboratory firm in San Juan Capistrano, has agreed to pay $5.3 million in cash and notes to acquire Medlab, a medical testing facility in Portland, Ore.

Nichols will finance the acquisition through its wholly owned subsidiary, Nichols Institute Network Inc., which runs diagnostic medical tests in San Pedro and San Diego, said William A. Mahan, the firm’s chief financial officer and senior vice president.

The acquisition of Medlab, with $6.5 million in revenues for its last fiscal year, should be completed by the end of December, Mahan said.