RehabCare Completes Merger with Triumph HealthCare
November 24 2009 - 4:34PM
Business Wire
RehabCare Group, Inc. (NYSE: RHB) announced today it has
completed its merger with Triumph HealthCare Holdings, Inc., a
leading developer and operator of long-term acute care hospitals
(LTACHs) in the U.S. The transaction is RehabCare’s largest
investment to date toward the development of its Hospital
operations and its strategic vision of creating post-acute
continuums of care in markets across the country.
The combined organization delivers post-acute services in more
than 1,280 locations in 41 states and represents the fourth largest
post-acute hospital operator and the third largest LTACH provider
in the U.S.
“Our merger with Triumph is a winning combination, and we are
excited to begin the process of blending our strengths to elevate
the role of our Hospital division and achieve a more diverse
company with the potential to reach more patients in need of
specialized, restorative care,” said John H. Short, Ph.D.,
RehabCare President and Chief Executive Officer.
Based in Houston, Texas, Triumph HealthCare specializes in
providing long-term acute care services to medically complex
patients, currently operating 20 LTACHs in seven states, with two
hospitals scheduled to be added by mid-2010. Brock Hardaway,
Triumph HealthCare President and Chief Operating Officer, will lead
the combined company’s LTACH business, under the direction of
RehabCare Senior Vice President of Hospital Operations Kevin Gross.
Mr. Hardaway joined Triumph HealthCare in 2005 and previously
managed the operations of over 30 hospitals at Select Medical
Corporation.
“Brock brings extensive experience in the industry and has
helped position Triumph as the paragon of LTACH management and
service delivery,” said Dr. Short. “We look forward to integrating
our best practices, technologies and the talents of our now more
than 18,000 people as we work toward a common goal of helping
people regain their lives.”
The Company stated that the transaction is being financed
through a combination of committed bank financing, the net proceeds
of the equity offering that closed on November 18, 2009, and cash
on hand. Concurrent with the closing of this transaction, the
Company closed on a new senior secured credit facility consisting
of a $450.0 million term loan B facility and a $125.0 million
revolving credit facility.
Founded in 1982, RehabCare (www.rehabcare.com), a St.
Louis-based company, is a leading national provider of post-acute
services, managing rehabilitation programs in partnership with over
1,250 hospitals and skilled nursing facilities in 41 states and
owning and operating 33 rehabilitation and long-term acute care
hospitals. RehabCare is included in the Russell 2000 and Standard
and Poor’s Small Cap 600 Indices.
This press release contains forward-looking statements that are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such statements are based
on RehabCare’s current beliefs and expectations and are subject to
significant risks and uncertainties. Actual results could differ
materially from those set forth in the forward-looking statements.
Factors that could cause actual results to differ from those set
forth in the forward-looking statements include, but are not
limited to, the successful consummation of the merger with Triumph
HealthCare, RehabCare’s future operating results, the introduction
of new regulation, general business and market conditions and other
factors. Additional factors that could cause results to differ
materially from those described in the forward-looking statements
are discussed in RehabCare’s filings with the Securities and
Exchange Commission (the “SEC”), including its most recent annual
report on Form 10-K, subsequent quarterly report on Form 10-Q and
current reports on Form 8-K available at the SEC’s website at
http://www.sec.gov. You are cautioned not to rely on
forward-looking statements as the Company cannot predict or control
many factors that affect its ability to achieve the results
estimated. The Company makes no promise to update any
forward-looking statements as a result of changes in underlying
factors, new information, future events or otherwise.
Rehabcare (NYSE:RHB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Rehabcare (NYSE:RHB)
Historical Stock Chart
From Jul 2023 to Jul 2024