The for-profit health system HCA Healthcare is downsizing, selling four hospitals in a deal valued at $950 million. The buyer is Piedmont Healthcare, a not-for-profit hospital system based in Atlanta, Georgia.
The four hospitals are Eastside Medical Center (310 beds, Snellville), Cartersville Medical Center (119 beds, Cartersville), and Coliseum Health System, which includes two acute care hospitals (310-bed Coliseum Medical Centers and 103-bed Coliseum Northside). Coliseum Health System also houses the Coliseum Center for Behavioral Health, a 40-bed inpatient behavioral health facility in Macon, which was included in the deal.
Collectively, the four hospitals (excluding the behavioral health facility) generated $646.6 million in revenue in 2019 and $121.4 million in EBITDA.
The transaction provides strategic value to HCA Healthcare by increasing financial flexibility for investments in ongoing and future initiatives in core markets. Citigroup is serving as a financial advisor to HCA Healthcare.
This isn’t the first news HCA has made in Georgia, as seen in search results in our Healthcare Deals Database. Back in January, HCA purchased Meadows Regional Medical Center, a 52-bed community hospital in Vidalia, Georgia from Meadow Health Alliance, Inc. for $73 million. A letter of intent was filed in September 2019, and the Toombs County Hospital Authority and Meadow Health Alliance have approved the sale. The hospital will be renamed Memorial Health Meadows Hospital, connecting it to HCA’s Memorial Health University Medical Center in Savannah. The deal closed just last week.
