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Hooper Holmes, CRL Enter Strategic Alliance

April 16, 2014

CRL to acquire assets of Heritage Labs and Hooper Holmes Services

Hooper Holmes and Clinical Reference Laboratory, Inc. (CRL) have entered a strategic alliance under which CRL will serve as an exclusive provider of lab testing services and Hooper Holmes will become a member of CRL’s preferred provider network for wellness programs.
 
CRL will acquire the assets and businesses of Heritage Labs International and Hooper Holmes Services for $3.7 million. The transaction is expected to close by 3Q14. Hooper Holmes will retain its sample kit assembly and supply chain fulfillment capabilities.
 
Henry Dubois, president and chief executive officer of Hooper Holmes, said, "We believe our Strategic Alliance with CRL will accelerate Hooper's growth in health care services and provide improved results for our shareholders. Laboratory testing is an important and growing component of Wellness programs and CRL is an industry leader, performing more than 100 million tests annually. We are excited to bring CRL's vast range of lab testing services to our Health & Wellness customers."
 
Tim Sotos, chairman of the board and chief executive officer of CRL said, "CRL is delighted to partner with Hooper Holmes on laboratory testing and to welcome Hooper as a member of CRL’s preferred provider network for wellness programs. We are pleased to expand the range of services we offer to the life insurance industry. This strategic alliance is a natural extension of our vision to be the undisputed leader in the markets we serve."
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