Marshfield Labs Transaction Announcement

31 Oct

Case studies

Marshfield Labs Transaction Announcement

Ponder & Co. (“Ponder”) is pleased to announce that IDEXX Laboratories, Inc. has purchased the veterinary reference laboratory business of Marshfield Labs. Marshfield Labs is part of Marshfield Clinic Health System (“MCHS”), located in Marshfield, WI. MCHS is retaining the reference laboratory services business for humans.


IDEXX Laboratories, Inc. is a member of the S&P 500® Index and is a leader in pet healthcare innovation, serving practicing veterinarians around the world with a broad range of diagnostic and information technology-based products and services. IDEXX products enhance the ability of veterinarians to provide advanced medical care, improve staff efficiency and build more economically successful practices. IDEXX is also a worldwide leader in providing diagnostic tests and information for livestock and poultry tests for the quality and safety of water and milk. Headquartered in Maine, IDEXX employs more than 8,000 people and offers products to customers in over 175 countries. IDEXX revenue was $2.2B worldwide in 2018.

About Marshfield Labs

Marshfield Labs provides diagnostic testing for MCHS patients and reference laboratory services for human and veterinary clients. Marshfield Labs employs more than 450 people and reports approximately 20 million test results annually. With over 1,950 active clients in 48 states and four countries, Marshfield’s veterinary reference laboratory business is among the largest in the US.

Ponder’s Role

Marshfield Clinic Health System engaged Ponder to act as its financial and transaction advisor in connection with the potential sale of its veterinary reference laboratory business. As part of the transaction process, Ponder assisted in presenting this business on a standalone basis. Ponder then solicited interest from the nation’s leading veterinary companies including regional and national reference laboratory companies in a search for a strategic partner. Ponder managed the strategic partnership selection process, assisted in negotiating key business terms of the deal and assisted throughout diligence and closing of the transaction. Ponder also serves as capital advisor to Marshfield Clinic Health System.


About Ponder & Co.

Ponder & Co. provides M&A and Capital Advisory services to more than 150 non-profit hospital and healthcare system clients. Ponder has completed over 200 M&A engagements involving acute and specialty hospitals, senior health and housing facilities, long-term acute care facilities, ambulatory surgery centers and behavioral health facilities. Transactions have ranged from $10 million to $1.5 billion in value.

Ponder’s M&A advisory services include:

  • Strategic option assessments
  • Partnerships, joint ventures and strategic alliances
  • Mergers, acquisitions and divestitures
  • Business valuations and fairness opinion
  • Board and special committee assignment
  • Real estate transaction services
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