A new hospital management company, Southeastern Hospital Corp., has purchased Park Healthcare Co., a Brentwood, Tenn.-based privately held firm that owns two hospitals.
Terms were not disclosed. The purchase included 60-bed Memorial Hospital, Center, Texas, and 67-bed Lincoln Trail Hospital, Radcliff, Ky. Lincoln Trail is a psychiatric facility.
Southeastern was formed earlier this year by eight investors, including the company's president and chief executive officer, Larry McFall, and chief operating officer D.L. "Pat" Patterson. Both men were involved in a previous hospital management company, Medical Ventures.
Patterson said the company is looking for other acquisitions, focusing on hospitals in non-urban markets.
Bank financing for the Park acquisition was provided by County NatWest, New York, and AmSouth Bancorp, Birmingham, Ala.