“Summit helped us successfully execute our acquisition strategy, providing invaluable expertise along with capital.”
Jim New, Former CEO
Riviera Beach, FL
Acquired by Quest Diagnostics 2007
22x revenue growth over 6-year investment
Acquired more than 35 pathology practices
IPO in 1997
Later acquired by Quest Diagnostics in 2007
Founded by physicians, AmeriPath specialized in dermatopathalogy, the review and interpretation of human tissue biopsies. While the company had developed a strong and loyal referring physician customer base in the southeastern United States, the founders aspired to expand the business to a national scale through the consolidation of the fragmented industry. The company turned to Summit for financing and strategic guidance.
How Summit helped:
- Provided growth equity capital, subordinated debt and arranged for a bank line of credit
- At the founders’ request, recruited a seasoned healthcare executive as CEO
- Built an independent board of directors
- Led several bank financings to facilitate a successful acquisition strategy
AmeriPath completed its IPO in 1997, and Summit exited the investment in 2000. The company continued to grow rapidly, expanding across the United States and broadening its services to offer a range of anatomic pathology laboratory testing and information services. In 2007, AmeriPath was acquired by Quest Diagnostics for $2 billion.