Confirm BioSciences Acquired by Clinical Reference Laboratory
Strategic Partners Will Benefit from Complementary Strengths; Confirm BioSciences to Continue Operating Under Its Current Name
Dec 09, 2020, 09:01 ET
SAN DIEGO and LENEXA, Kan., Dec. 9, 2020 /PRNewswire/ -- Confirm BioSciences, a leading provider of comprehensive screening tools and solutions, announced today that the company has been acquired by Clinical Reference Laboratory (CRL), one of the largest privately held clinical testing laboratories in the U.S. Confirm will continue to operate as a subsidiary under its current name. The acquisition expands Confirm's access to lab testing services and R&D capabilities, while CRL leverages Confirm's massive customer base in Drugs of Abuse testing, large consumer-based retail contracts and current pipeline of COVID-19 testing products.
Founded in 2008 by Zeynep Ilgaz and Serhat Pala, Confirm BioSciences is a classic bootstrap success story. Arriving in San Diego from Turkey as immigrants, Ilgaz and Pala had the idea for the company that became Confirm BioSciences during a post-graduate degree internship. The couple initially sold products online from their garage, using a credit card for funding. The company grew quickly, making the Inc. 5000 list of fastest-growing private companies by 2013 and eventually joined the Inc. Honor Roll for remaining on the list for five consecutive years. In 2019, further expansion came by way of growth financing from HCAP Partners, a California-based private equity firm and recognized impact investor.
Today, Confirm's expansive product lines are sold by several retail giants nationwide. This strong momentum was also fueled by Confirm's core guiding principles of employee focus and nurturing meaningful jobs which aligned directly with HCAP's Gainful Jobs Approach™ and will continue under the CRL umbrella. The co-founders are proud of the workplace they've built, which was named the #1 "Best Places to Work For" by the San Diego Business Journal and recognized among the Best Workplaces of 2018 and 2019 in the Inc. 5000. Ilgaz and Pala remain active in the operation as Chief Advisors to the executive leadership team and will continue to do so, in addition to the philanthropic work they are passionate about in the San Diego community.
Founded more than 30 years ago, CRL performs hundreds of thousands of tests weekly for clients of all sizes from its dedicated facilities located in Kansas. More than 700 CRL associates process and report results for some of the world's largest companies including life insurance, transportation, pharmaceutical, healthcare and financial service organizations. CRL, which is CAP, CLIA and SAMHSA certified, performs high complexity molecular diagnostic tests including COVID-19 testing, toxicology and general lab testing, working with a diverse array of partners.
CRL and Confirm BioSciences have partnered on health and wellness offerings, including the CRL Rapid Response COVID-19 saliva test, as well as Confirm's strategic platforms, HealthConfirm and TestConfirm. The acquisition will deliver synergies to both companies since their organizational skill sets are complementary.
"Working closely with the Confirm BioSciences team as a strategic partner gave us insight into what an impressive organization it is, so an acquisition was a natural next step to build out our growth strategy," said CRL President & CEO Robert Thompson. "As a privately held, family-owned company, CRL has a lot in common with Confirm. We share the same values and have a similar culture, so it's an excellent fit."
"We're so excited about joining the CRL family," said Albert Berger, CEO, Confirm BioSciences. "While partnering with CRL on recent projects, we developed a great relationship, and becoming part of the CRL organization will allow the Confirm BioSciences team to focus on the services we provide to our customers while expanding our capabilities. It will be business as usual, but with even more firepower."
About Confirm BioSciences
Confirm BioSciences is a leading provider of high-quality, comprehensive screening tools and solutions across the full spectrum of health and wellness. With core competencies in testing drugs of abuse and broader health metrics, Confirm is dedicated to providing its customers with meaningful, actionable information. The company's product portfolio ranges from instant and lab-based testing solutions for drugs of abuse, including HairConfirm® and DrugConfirm®, to HealthConfirm®, a line of testing solutions for health and wellness, with results delivered in insightful user-friendly reports. As an industry authority, Confirm educates and empowers its customers, and supports initiatives that create drug-free and healthy homes, workplaces and communities. The company is headquartered in San Diego, California. For additional information, visit https://www.confirmbiosciences.com.
About Clinical Reference Laboratory
Clinical Reference Laboratory is one of the largest privately held clinical testing laboratories in the U.S., performing hundreds of thousands of tests every day for clients large and small. Our staff of more than 700 associates works around-the-clock to process and report results seven days a week for many of the largest retail, transportation, pharmaceutical, healthcare and financial service organizations in the world. From high-complexity molecular diagnostic COVID-19 testing, to our toxicology and general lab testing, our partners are as diverse as the testing we perform. Our mission isn't to be the most recognized laboratory partner, but to be the most trusted by providing personalized service, accurate testing, rapid turnaround time, and innovative systems and solutions. Visit us at: https://www.crlcorp.com or call 833-567-8376 for more information.
About HCAP Partners
HCAP Partners was founded in 2000 and is a provider of mezzanine debt and private equity for underserved, lower-middle market companies throughout California and the Western United States. The firm seeks to invest $2 million to $15 million in established businesses generating between $10 million and $100 million in revenues in the healthcare, software, services, and manufacturing industries. HCAP Partners has invested in over 50 companies since its founding and through ongoing, active engagement with portfolio companies provides value-added resources to help optimize performance and increase enterprise value. The firm has been recognized as an ImpactAssets 50 fund seven years running and, through its Gainful Jobs Approach™, works to facilitate a positive impact on underserved businesses, their employees, and their communities through active portfolio engagement. For more information, please visit www.hcapllc.com.
Media Contact Info:
Bri Helm
Confirm BioSciences
[email protected]
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