Expanding Hospital Presence in Texas and Adding Colorado
FRANKLIN, Tenn.--(BUSINESS WIRE)-- IASIS Healthcare (“IASIS”) today announced the signing of a definitive agreement to acquire Brim Holdings, Inc., which operates Wadley Regional Medical Center in Texarkana, Texas, and Pikes Peak Regional Hospital in Woodland Park, Colorado, in a cash-for-stock transaction valued at approximately $95 million, subject to customary closing conditions and working capital adjustments. Combined revenue of the two facilities is approximately $120 million.
Altaris Capital Partners, the current majority owner of Brim Holdings, will retain majority ownership of Brim’s hospital management contract and health technology solutions businesses through a spin-out transaction, which is scheduled to take place just prior to the closing of IASIS’ acquisition of Brim Holdings.
“We are excited about the opportunity to add Wadley Regional Medical Center and Pikes Peak Regional Hospital to our growing company and look forward to welcoming their medical staffs and employees to our team,” said IASIS Healthcare President Carl Whitmer. “As we partner to provide high-quality healthcare to the communities served by each of these hospitals, we will support both locations with the same corporate expertise and resources that our other facilities enjoy, including our system-wide health information technology, quality initiatives and access to capital.”
Wadley Regional Medical Center, a general acute care hospital with 370 licensed beds, serves a surrounding population of approximately 275,000. Its services include a full range of medical and surgical specialties such as internal medicine, family practice, cardiology, cardiovascular surgery, urology, neurology, pulmonology, orthopedics, gastroenterology, radiology and women’s services. The facility is fully equipped with a 24-bed trauma-ready emergency department, eight general operating rooms, two open-heart operating rooms, two cardiac catheterization labs, a GI lab and a 23-bed outpatient surgery pavilion.
“Through a commitment to excellence and strong relationships with our new physician partners, who will retain a 27 percent minority ownership in Wadley Regional Medical Center, we look forward to serving Texarkana and the surrounding communities by building on the momentum that has been established at the hospital,” said Whitmer.
Pikes Peak Regional Hospital, a 15-bed critical access hospital, serves a Colorado community with a population of 32,000. Its services include a full range of medical and surgical specialties such as internal and emergency medicine, pulmonology, gastroenterology, cardiology, orthopedics and neurology.
“We are excited about adding the new Pikes Peak facility to our family of hospitals and the opportunity this will provide us to serve the healthcare needs of the thriving Woodland Park and surrounding communities,” said Whitmer.
IASIS’ acquisition of Brim Holdings is expected to close no later than the fourth calendar quarter of 2010.
IASIS, located in Franklin, Tennessee, is a leading owner and operator of medium-sized acute care hospitals in high-growth urban and suburban markets. The Company operates its hospitals with a strong community focus by offering and developing healthcare services targeted to the needs of the markets it serves, promoting strong relationships with physicians and working with local managed care plans. IASIS owns or leases 15 acute care hospital facilities and one behavioral health hospital facility with a total of 2,886 beds in service and has total annual net revenue of approximately $2.5 billion. These hospital facilities are located in six regions: Salt Lake City, Utah; Phoenix, Arizona; Tampa-St. Petersburg, Florida; three cities in Texas, including San Antonio; Las Vegas, Nevada; and West Monroe, Louisiana. IASIS also owns and operates a Medicaid and Medicare managed health plan in Phoenix that serves more than 199,000 members. For more information on IASIS, please visit the Company’s Web site at www.iasishealthcare.com.
W. Carl Whitmer
John M. Doyle, 615-844-2747
Chief Financial Officer
Michele M. Peden, 615-467-1255
VP, Corporate Communications
KEYWORDS: United States North America Colorado Tennessee Texas
INDUSTRY KEYWORDS: Health Hospitals Other Health Nursing Managed Care