Shore Capital Partners, a healthcare-focused private equity firm, has sold ClearPath Diagnostics, a provider of laboratory diagnostic services based in Syracuse, N.Y., to healthcare diagnostics company Laboratory Corporation of America Holdings.
The news comes after Shore Capital partnered with ClearPath's founding pathologists to drive the company's expansion beyond the local Syracuse market, according to a news release. That partnership helped extend ClearPath's geographic reach into Connecticut, Pennsylvania and Massachusetts. It also expanded its service menu to include new tests.
"The success of this partnership is a testament to the hard work of the ClearPath team and further validation of Shore Capital's model of partnering with influential clinicians to grow local businesses into regional leaders," Justin Ishbia, managing partner of Shore Capital and chairman of ClearPath Diagnostics, said in a statement. "We are pleased with the outcome of this partnership and believe that ClearPath is well positioned to continue growing as a leader in the field of cancer diagnostics."
The recent transaction closed Monday. Financial terms of the transaction were not disclosed. Winston & Strawn served as legal advisor to ClearPath on the transaction.