Linden Announces Appointment of Richard Novak as Operating Partner
Former LabCorp COO Expands Firm’s Operating Expertise
Chicago, Illinois (August 28, 2008) – Linden LLC, a Chicago-based private equity firm that focuses on middle market leveraged buyout investments in the healthcare and life science sector, today announced that it has further enhanced its operating talent with the addition of Richard L. Novak as an Operating Partner.
Mr. Novak, a 30-year veteran of the healthcare industry, has extensive experience within the clinical laboratory and diagnostic spaces. Rich most recently served as Chief Operating Officer of Laboratory Corporation of America (“LabCorp”), a publicly traded company (NYSE: LH) where he led an operating team that produced a sixty-fold increase in market cap from 1997-2006. In 2007, LabCorp grossed $4.1 billion in sales and tested more than 370,000 specimens daily for over 220,000 clients nationwide throughout 36 primary testing centers and 1,600 patient service centers. Prior to his experience at LabCorp, Mr. Novak spent 15 years at SmithKline serving in roles of increasing responsibility, culminating as the Senior Vice President of Operations of the clinical laboratory business. Mr. Novak began his healthcare career at Bayer (Miles Lab) serving as a Vice President of Sales for six years. In addition to domestic and international operations, Mr. Novak has also managed the functions of sales & marketing, strategic planning, mergers & acquisitions and licensing. Rich earned a B.S. in Marketing from the University of Maryland.
Mr. Novak augments Linden’s prestigious group of Operating Partners who collectively have over a century of healthcare experience. Rich will work closely with Linden’s investment team in sourcing and diligencing new opportunities as well as supporting portfolio companies. Linden anticipates that Rich will serve as a Board Member of at least one platform company within his areas of expertise: the clinical laboratory and diagnostics industries.