FRANKLIN, Tenn. and
BRENTWOOD, Tenn., May 2, 2016 /PRNewswire/ -- RegionalCare
Hospital Partners Inc. ("RegionalCare") and Capella Healthcare,
Inc. ("Capella"), both privately-owned premier providers of health
care services, today announced the successful completion of the
previously announced merger between the two companies. The new
combined company has 16 regional health systems in 12 states with
more than 13,000 employees, 2,000 affiliated physicians and
$1.7 billion in revenues. Day-to-day
operations at the companies' affiliated hospitals will not be
impacted by the parent-company-level transaction. The combined
company will do business under the name RCCH HealthCare
Partners.
Marty Rash, former Board Chair
and CEO of RegionalCare, has assumed the role of Executive Board
Chair for the combined company. Michael
Wiechart, former Board Vice-Chair and President and CEO of
Capella, has assumed the role of President and CEO for the combined
company. He has also joined the company's Board of Directors.
"This is an exciting day for our companies and the communities
we serve," said Rash. "In today's increasingly challenging
healthcare environment, it is imperative that like-minded
organizations work together to improve access to high quality
healthcare and provide continued access to care for patients and
their families."
"We look forward to building on the legacy of care our hospitals
have provided in great communities throughout the country, said
Wiechart. "With this merger, we've created an outstanding new
company with increased resources to improve the health and
well-being of communities we serve now as well as future new
partners."
"We are very excited about the outlook for RCCH HealthCare
Partners," said Matthew Nord, a
Partner at Apollo Global Management, LLC. "The combination of
RegionalCare and Capella creates a care provider truly focused on
the patients it serves with meaningful growth opportunities in both
existing and new communities."
Financing was provided by Barclays, Royal Bank of Canada, Deutsche Bank, Credit Suisse, UBS,
Citigroup, and SunTrust. In addition, senior unsecured notes were
privately placed with PSP Investments Credit USA LLC and other investors. Barclays served
as financial advisor to RegionalCare. Akin Gump Strauss Hauer &
Feld LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP
served as RegionalCare's legal advisors. Kirkland & Ellis
served as Capella's legal advisor.
About Apollo
Apollo Global Management, LLC (NYSE:
APO) (together with its consolidated subsidiaries, "Apollo") is a
leading global alternative investment manager with offices in
New York, Los Angeles, Houston, Chicago, Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong
Kong and Shanghai. Apollo
had assets under management of approximately $170 billion as of December 31, 2015 in private equity, credit and
real estate funds invested across a core group of nine industries
where Apollo has considerable knowledge and resources. For more
information about Apollo, please visit www.agm.com.
About Capella Healthcare, Inc.
Founded in 2005,
Capella Healthcare partners with communities to build strong local
healthcare systems that are known for quality patient care. Based
in Franklin, Tennessee, Capella
operates 10 acute care and specialty hospital facilities in five
states. For more information, visit the website at
www.CapellaHealthcare.com.
About RegionalCare Hospital Partners Inc.
Founded in
2009, RegionalCare Hospital Partners is a growing system of
community hospitals focused on a commitment to high quality care
and expanding health care services in non-urban markets. Today,
RegionalCare is partnered with eight, market-leading, community
hospitals in seven states. More information can be found at
www.regionalcare.net.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/regionalcare-hospital-partners-and-capella-healthcare-announce-completion-of-merger-300260668.html
SOURCE RegionalCare Hospital Partners Inc.