Sonic Buys ProPath

by | Jan 15, 2022 | Lab Acquisition, ProPath, Sonic Healthcare | 0 comments

Sonic Healthcare (Sonic) acquired 100% of ProPath Services (Dallas, TX) for an undisclosed price on December 17, 2021. ProPath had been one of the  largest pathologist-owned anatomic pathology labs in the nation. ProPath’s annual revenue is approximately $110 million. Its 500+ employees, including ~50 pathologists, serve roughly 1,000 physicians and 26 hospital clients across 45 states.

ProPath was established as an anatomic pathology practice in 1966. Growth has been almost entirely organic, including the expansion into clinical laboratory services in 2017. In early 2020 ProPath acquired New England Tissue Issue, an AP company located in Massachusetts.

ProPath’s pathologists will join as colleagues with Sonic’s existing group of 330 pathologists in the US. ProPath’s leadership team, including Chairman and CEO Cory Roberts, MD, are expected to hold senior roles at Sonic Healthcare USA.

The acquisition of ProPath follows Sonic’s purchase of Aurora Diagnostics for $540 million in January 2019.

Coker Capital (Charlotte, NC) served as a financial advisor to ProPath, while Haynes and Boone LLP (Dallas, TX) provided legal services.