It looks near certain that BC Partners has bought Fleming Brescia, the largest private Italian lab with sales of EUR52m. On December 31 it also completed the purchase of Synlab and Futurelab, making it the fifth largest lab group in Germany, the largest in Austria, the Czech Republic and Hungary with interests in the Ukraine and Romania.

A reliable source said that the acquirer of Fleming was not Cerba or Biomnis, the two big French reference labs who would have been the best natural fit. Sonic bid, but was capped by a mystery German bidder, believed to be BC Partners. BC claims an enterprise value of EUR500m for Synlab/Futurelab which had 2009 sales of EUR380m and claims an EBITDA of EUR60m. Sorting out FutureLab, which a competing private equity investor described as having a "Ukrainian management culture" could take a while.

Meanwhile, competitors say that BC has embarked on a whirlwind tour of its German competitors. “They were very cocky, came in and said 'we are your new neighbours and that they would like to buy us or otherwise they look forward to competing with us',” said one disgruntled competitor.

The acquisition of Fleming by BC would clearly demonstrate the strength of its desire to become a major contender in the consolidating European lab market.

The weakness of the two big French reference labs is also clear. Cerba, owned by IK Invest, apparently underbid for Fleming and Duke Street owned-Biomnis did not bid at all. Sonic, another under-bidder for Fleming, is believed to have purchased Medhold, the big Belgian lab group.

We hope to carry an interview with BC next week.