Soleo Health fills in footprint

MCKINNEY, Texas - Soleo Health has been focused on growing organically, but it's now at a size where it makes sense to pursue tuck-in acquisitions, says CEO Drew Walk.

Soleo made its first such buy in November when it acquired Dayton, Ohio-based Paragon Infusion Therapy, which has a presence in southeast Ohio and throughout Indiana and Kentucky.

“We took a step back last summer to do a five-year strategic plan and feel the next level includes layering in some acquisitions, along with continued de novo growth and the expansion of some programs we have in place,” he said.

Soleo now has 20 locations and is licensed in all 50 states. Despite its national platform, the company wants to fill in its footprint—especially beyond the large metropolitan areas where it currently operates, says Walk.

Paragon Infusion was an “easy fit,” for Soleo and Paragon Infusion Therapy, says Walk.

“They have a good mix of core specialty infusion drugs and the therapy mix is similar to what we provide,” he says. “The culture of the way they built their business and service their patients fits very well, too.”

Paragon Infusion and its entire team will be folded into the Soleo brand in the next 90 days. The company, which only launched in 2018, is the perfect example of how appealing the home infusion market is, says analyst Jonathan Sadock.

“The opportunities for growth just attract a lot of people,” said Sadock, managing partner at Paragon Ventures. “Quite a few have started up in the past few years and are on a substantial growth trajectory.”

Going forward, the demand for home infusion is only going to grow, with new therapies in the pipeline and a continued push toward value-based care in the home, says Craig Vollmer, chief commercial officer.

“There's no question when you look at all the health plans they are heavily focused on moving those high-cost specialty drugs to a more cost-effective site and we work closely with them to do that,” he said.