Founded in 1983 and located at 9550 Zionsville Road, DCL has 209 employees. Specializing in women's health, DCL provides diagnostic testing, clinical testing and other laboratory services for physician practices, hospitals, extended care facilities, pharmaceutical companies and other clinical trial sponsors.
Thompson Street Capital's stated investment guidelines say it will buy controlling positions in companies with $5 million to $20 million in annual earnings before interest, taxes, depreciation and amortization. Closely-held DCL's only known previous outside investor was locally-based venture firm Centerfield Capital Partners.
In February, IBJ reported that DCL co-founder Roger Wall had stepped down as CEO. He was replaced by Michael Hanbury, a former regulatory affairs manager for Pleasanton, Calif.-based Roche Molecular Systems. Hanbury holds master's degrees in clinical chemistry and business and a doctorate in clinical pathology. Wall is now a DCL consultant.
DCL already employs 40 at a St. Louis operation. Despite Thompson Street Capital's St. Louis roots, Hanbury said DCL's headquarters will remain in Indianapolis.
No city or state incentives were involved in the deal. Hanbury said it will give DCL a cash infusion to underwrite expansion, either organically or via acquisition of other contract laboratories.
Thompson Street has $445 million under management. The venture firm's portfolio already includes Anderson-based specialty electrical components manufacturer Connecticut Electric Inc.