Join, Follow & Connect
Join Modern Healthcare's LinkedIn group Follow Modern Healthcare on Twitter Join Modern Healthcare's Facebook group Follow Modern Healthcare's Pinterest board Modern Healthcare's Flickr page Modern Healthcare's YouTube Channel Get a Modern Healthcare news feed

 
Comment Buy Reprints Print Article Share on LinkedIn Share on Facebook Share on Twitter Email this page to a colleague
Healthcare Business News
 
Michael Wiechart, Capella CEO
Wiechart

Capella not for sale, despite rumors, says incoming CEO


By Beth Kutscher
Posted: December 11, 2013 - 6:15 pm ET
Tags:

Capella Healthcare, an investor-owned hospital chain, is not for sale, according to its incoming president and CEO.

Michael Wiechart, currently senior VP and chief operating officer, steps into the position Jan. 1, succeeding Dan Slipkovich, who co-founded the company in 2005 and will continue as executive board chairman.

Franklin, Tenn.-based Capella has been a rumored takeover target since a Reuters report in September said its private equity owner, GTCR, had hired Bank of America Merrill Lynch to explore a sale of the company.

Advertisement | View Media Kit

 

“Our goal around the leadership change has nothing to do with that speculation and is really about the growth of the company,” Wiechart said. “There are no plans for the sale of the company at this time.”

The company has previously declined to address rumors of a possible sale, except to say that it “must be open to exploring all opportunities.”

Wiechart said Capella will ramp up its own acquisition strategy as a buyer and is preparing for the increased challenges and opportunities that will come with expanded insurance coverage.

The for-profit hospital sector has experienced significant consolidation this year. Tenet Healthcare Corp. closed its $1.8 billion acquisition of Vanguard Health Systems on Oct. 1, while Community Health Systems has a $3.9 billion offer on the table for Health Management Associates that is awaiting shareholder and regulatory approval.

Follow Beth Kutscher on Twitter: @MHbkutscher


What do you think?

Share your opinion. Send a letter to the Editor or Post a comment below.

Post a comment

Loading Comments Loading comments...

Search ModernHealthcare.com:


 

Switch to the new Modern Healthcare Daily News app

For the best experience of ModernHealthcare.com on your iPad, switch to the new Modern Healthcare app — it's optimized for your device but there is no need to download.