Nautic Partners LLC, a private equity firm in Providence, R.I., has acquired Reliant Hospital Partners for an undisclosed amount, reports Healthcare Finance News. Dallas-based Reliant operates seven rehabilitation centers and has two other facilities in the planning and construction stages.
Along with the deal, Nautic installed a new management team, including Michael Brohm as chief executive officer and chairman of the board; Kenneth McGee as chief operating officer; and Patrick Ryan as senior vice president. Brohm was previously CEO of Cornerstone Healthcare Group in Dallas.
"Reliant is an excellent platform and, with the new leadership team in place, is positioned very well for accelerated growth," said Scott Hilinski, Nautic's managing director.
Reliant's facilities focus primarily on treating patients recovering from strokes, head injuries and hip fractures. A majority of its patients are Medicare enrollees.
The deal is the fifth Nautic has undertaken in the healthcare industry since early 2010.