Australian company buys local testing lab
Clinical Laboratories of Hawaii LLP said yesterday it has been acquired by Australian medical diagnostic company Sonic Healthcare Ltd. for $110 million.
"This is a very exciting event for our company because it begins a new era of growth and development," Clinical Labs Chairman Moon Park said in a statement. "Clinical Labs and Sonic Healthcare have very similar cultures, values, business philosophies and strategic objectives."
The deal includes Clinical Laboratories' pathology practice, Pan Pacific Pathologists Inc., according to the release.
No major changes are expected for the operations of Clinical Labs as a result of the ownership transition, the company said. Sonic Healthcare manages its labs under a "federated model," which calls for retention of local management, company name and "local flavor," Clinical Labs said.
Sonic Healthcare will oversee the long-term strategic vision while allowing for the decentralized management of daily operations.
Park will stay on as a consultant for Clinical Labs and Chief Executive Ally Park will remain in place.
Clinical Labs is a medical laboratory testing company founded in 1971 in Hilo. It has more than 70 locations statewide with 900 employees. It is owned in part by Hawaii Pacific Health, St. Francis Health Systems Corp. and Hawaii Health Systems Corp.
Sydney-based Sonic Healthcare is one of the world's largest laboratory and radiology services companies, with 32 operating companies in Australia, New Zealand, Britain, Switzerland, Germany and the U.S.