Inverness Medical Innovations, Waltham, Mass., has agreed to pay $110 million for Kroll Laboratory Specialists, Gretna, La., which provides forensic substance-abuse testing products and services in the U.S. It is a division of Kroll, a New York-based risk consultancy owned by Marsh & McLennan Cos., New York. The deal is expected to close by March 31, subject to customary closing conditions, according to Inverness.
Kroll Laboratory had revenue of $40.2 million for the year ended Dec. 31, 2008, according to Inverness. Kroll Laboratory operates two laboratories certified by the U.S. Substance Abuse & Mental Health Services Administration that serve workplace, occupational health, third-party administrator criminal justice, government institutions and other clients.
Inverness develops, manufactures and markets point-of-care diagnostic products. Last month, the company made a tender offer worth nearly $210 million to purchase a 75.8% interest in Standard Diagnostics, a Korean company that makes reagents and other diagnostic products. On Feb. 1, the company announced that the offer was successful.