WellSpan Ups Its Behavioral Health Offerings
The Behavioral Health Care sector has seen plenty of mergers and acquisitions this year. Deal volume is currently up 38% (33 deals) compared with 2014’s full-year total of 24 transactions. With six deals announced in December, the sector will close out the year on a high note. One deal has been in the works almost all year, and will become effective on January 1, 2016. WellSpan Health, a five-hospital system based in York, Pennsylvania, and Philhaven, a mental and behavioral health agency of the Lancaster Conference of the Mennonite Church USA, finalized their affiliation plans on December 17. Philhaven provides services throughout Lancaster, Lebanon, Dauphin, and York counties. The... Read More »Hutcheson Medical Center Avoids (Permanent) Closure
Hutcheson Medical Center is back in business, at least on paper. The 114-bed acute care facility in Fort Oglethorpe, Georgia, filed for Chapter 11 bankruptcy protection in November 2014, and was closed on December 4, 2015. There was still some hope that a buyer would emerge before Monday, December 14, when its license was scheduled to expire. At least two bidders showed up on Friday, December 11: Chicago-based People’s Choice Hospital, a boutique company that specializes in managing struggling healthcare systems, placed a $4.0 million bid for the main hospital campus. That was eventually topped by Atlanta-based private investment company, ValorBridge Partners, with a $4.2 million... Read More »Salinas, CA: A Hot-Bed of Health Care M&A
Health care M&A is booming this year, even more than last, and it’s reaching into hamlets and valleys all across the nation. One such place: Salinas, California, from which three transactions have originated in the past two months. Of course it’s not Chicago or New York City, and that’s the point. The last time we recorded a deal for a health care company in Salinas was 2006. Here are the deals that have percolated up in the Salinas Valley: WorkWell Medical Group LLC, a network of five urgent care clinics, was acquired by Salt Creek Capital of Menlo Park, California Salinas Valley PrimeCare Medical Group, a 20-physician primary/specialty medical group, was acquired by... Read More »Have the Daughters of Charity Made a Deal?
Don’t hold your breath, but the Daughters of Charity Health System (DCHS) in Los Altos, California may have found a buyer. Sure, the Board chose BlueMountain Capital Management LLC last July, in favor of its well-publicized $250 million offer to keep the struggling system afloat. And we do mean struggling. Through June 30, 2014, DCHS’s five acute-care hospitals made nearly $1.2 billion in total operating income, but a combined loss of $64.0 million in EBITDA. Don’t forget that for-profit hospital company Prime Healthcare Services walked away from its $849 million offer for Daughters back in March, accusing the state’s Attorney General, Kamala Harris, of imposing... Read More »WellStar Acquires Five Tenet Hospitals in Atlanta
WellStar Health System, the Marietta, Georgia-based not-for-profit health system, is buying its way to become the state’s largest healthcare provider. On December 1, the hospital chain and for-profit hospital chain Tenet Healthcare (NYSE: THC) announced their agreement to exchange five Atlanta metro area hospitals for $575 million upfront, plus the assumption of $86 million in debt related to the lease of the 158-bed North Fulton Hospital in Roswell, Georgia. The other hospitals included in the sale are the 466-bed Atlanta Medical Center (Atlanta), its 210-bed South Campus (East Point), the 160-bed Spalding Regional Hospital (Griffin) and the 10-bed Sylvan Grove Hospital (Jackson).... Read More »Schedule a demo
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