As part of this strategy, regional lab facilities tend to take their direction from corporate headquarters. Each company has worked to develop a unique and unified national brand. In contrast, the business strategy of the two blood brothers has been different. “Sonic Healthcare operates a ‘federation’ model for its subsidiary practices, whereby each member of the group enjoys management autonomy,” stated Goldschmidt. Sonic Healthcare’s business strategy also differs significantly from that of Quest Diagnostics Incorporated and Laboratory Corporation of America, in at least one dimension. “Under the leadership of Robert Connor, M.D., his team of pathologists and COO David Schultz, CPL has created the exact same model in the United States.” “We consider the ‘pathologist and physician-centric model’ (Medical Leadership) as the only way to achieve excellence in pathology,” emphasized Goldschmidt. “I was thrilled to discover that CPL has the exact same model and has used this model effectively to compete in the United States. “This higher level of personalized service we deliver resonates much more effectively with our number one customer-the referring physician,” observed Goldschmidt. “Unlike some of our major competitors, we have institutionalized a model that has pathologists directly involved in the management of our businesses. “Sonic’s success over the past decade has been predicated on our steadfast commitment to a concept of ‘Medical Leadership’,” he explained. “Both our companies have very similar values and philosophies. Goldschmidt, M.D., CEO and Managing Director of Sonic. “I’m particularly excited about the Sonic–CPL partnership,” stated Colin S. In fact, both CPL’s corporate culture and its management talent were major motivations for Sonic Healthcare to pursue this acquisition. CPL Management To StayĬPL, with annual revenues approaching $190 million, was paid “a prospective EBITDA multiple of approximately 9.5.” The deal is expected to close by Septemand Sonic Healthcare wants CPL’s management team to remain and continue to play an active role following the sale. Under the terms of the deal, between 20, Sonic Healthcare will purchase the remaining equity from CPL management and pathologists. Sonic Health will pay approximately US$300 million to acquire between 80% and 85% ownership of CPL. It also owns and operates laboratories in New Zealand, Germany and the United Kingdom. Sonic Healthcare is the largest laboratory services company in Australia. Second, the sale of CPL brings a new and credible competitor into the U.S. This continues a trend of local pathologists selling their lab company to bigger firms. First, it means that local pathologists will no longer fully own and operate the nation’s largest, private lab company providing laboratory testing services to office-based physicians.
The sale of CPL is a significant event for two related reasons. The announcement was made on Augand capped a lengthy bidding process for Clinical Pathology Labs (CPL). will acquire a majority interest in Clinical Pathology Laboratories, Inc. IN A TRANSACTION SURE TO ROIL the competitive lab testing marketplace, Australia-based Sonic Healthcare Ltd. market and is likely to trigger significant changes to the status quo. The acquisition brings a new lab competitor into the U.S. are selling up to 85% of their lab company to Sonic Healthcare, Ltd, Australia’s largest laboratory firm. Pathologist-owners of Austin, Texas-based Clinical Pathology Laboratories, Inc. CEO SUMMARY: It’s one of the most interesting lab acquisitions to take place in the past decade.
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