<article><a href="https://www.dealstreetasia.com/tag/tpg-capital-asia/">TPG Capital Asia</a>, through its Pathology Asia Holdings (PAH) unit, has acquired a significant minority stake in Melbourne-based drug testing company Safe Work Laboratories, the US private equity firm confirmed to DEALSTREETASIA.</article>

<a href="https://www.dealstreetasia.com/tag/tpg-capital-asia/">TPG Capital Asia</a>, through its Pathology Asia Holdings (PAH) unit, has acquired a significant minority stake in Melbourne-based drug testing company Safe Work Laboratories, the US private equity firm confirmed to DEALSTREETASIA.
The deal comes just six months after TPG Capital took over the Southeast Asian pathology operations of Australian healthcare group Healthscope and established PAH.
The news first appeared in an Australian Financial Review <a href="https://www.afr.com/street-talk/tpg-capital-asia-buys-stake-in-australian-drug-testing-business-20190219-h1bfcx">report</a> which said PAH has purchased a 35 per cent stake in Safe Work Laboratories’ ordinary shares and all of the company’s preference shares, and the acquisition was closed last week. A couple of TPG’s Asia-based executives have joined the target firm’s board, it added.
With the latest transaction, TPG Capital is expected to add Safe Work Laboratories to its current Asia pathology platform and form a wider regional play.
In August 2018, the private equity major acquired Healthscope’s operating assets in Singapore, Malaysia and Vietnam for $202.7 million.
Safe Work Laboratories, founded in by Mal Beacham, offers drug and alcohol policy advice, training and education, onsite drug and alcohol testing, and laboratory services.
Beacham used to own a stake in Southeast Asian pathology provider Gribbles that was acquired by Healthscope in 2005. His link to Healthscope was also his management position with Healthscope Pathology between 2006 and 2011.
TPG Capital has recently closed its seventh Asia fund at $4.6 billion, which is the vehicle investing in PAH.
The company also acquired Singapore-based Innovative Diagnostics last year. PAH’s acquisition of Innovative Diagnostics and Quest, the business previously owned by Healthscope, encountered an anti-competition investigation. However, the Singapore Competition and Consumer Commission then said it was unable to clear the merger on account of competition concerns.
Also Read:
<a href="https://www.dealstreetasia.com/stories/tpg-capital-asia-completes-203m-acquisition-of-healthscopes-pathology-business-104970/">TPG Capital Asia completes $203m acquisition of Healthscope’s pathology business</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/tpg-seventh-asia-buyout-fund-120697/">TPG raises over $4.6b for seventh Asia buyout fund</a>

TPG Capital Asia is understood to have acquired a significant minority stake in Melbourne-based drug testing company Safe Work Laboratories.

TPG Capital acquires 35% stake in Australian drug testing firm

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

TPG Capital acquires 35% stake in Australian drug testing firm

Continue reading this premium story with a subscription to DealStreetAsia.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief