Nichols Institute Expects to Buy Lab in Houston
Continuing its expansion drive, Nichols Institute said Wednesday that it has reached a preliminary agreement to buy MPC Laboratory in Houston for $12 million.
The cash acquisition is expected to be completed in the spring of 1991 and will bring the total number of medical laboratories in Nichols’ network to 15 in eight states, said James Whitmer, the company’s chief financial officer.
MPC serves physicians, hospitals and clinics in south Texas and Louisiana, and generates annual revenues of about $11.5 million, Whitmer said.
Since 1986, Nichols has pursued a strategy of acquiring one to three laboratories annually to steadily broaden its geographic presence. The laboratories that have been acquired provide routine tests for local hospitals and physicians and funnel more complex tests to Nichols’ more sophisticated reference laboratory at its headquarters in San Juan Capistrano.
In the past Nichols has purchased laboratories in California, the Pacific Southwest and the Midwest.
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