A group of former executives from Triad Hospitals have started a new company which will acquire hospitals in joint ventures with not-for-profit systems. The company, Legacy Hospital Partners of Plano, TX, will feature former Triad CEO Denny Shelton as chairman and Triad executive VP for development Dan Moen as CEO. The company comes with up to $500 million in in backing from two investors, CCMP Capital Advisors and the Canada Pension Plan Investment Board.
The idea behind Legacy is to find not-for-profits which lack capital, despite having otherwise good operating results, and form joint ventures with them to provide that capital. This allows the not-for-profits to expand without having to sell out completely or give up their charitable mission, investors noted.
To learn more about Legacy:
- read this Modern Healthcare item [1] or this piece [2] (reg. req.)
Related Article:
Community Health buys Triad, creating U.S. leader. Report [3]
Links:
[1] http://www.modernhealthcare.com/apps/pbcs.dll/article?AID=/20080121/REG/431567269
[2] http://modernhealthcare.com/apps/pbcs.dll/artikkel?NoCache=1&Dato=20080121&Kategori=REG&Lopenr=621747800&Ref=AR
[3] http://www.fiercehealthcare.com/story/community-health-buys-triad-creating-u.s.-leader/2007-03-20