RehabCare Group, St. Louis, has completed its $570 million purchase of Houston-based Triumph HealthCare to become the third-largest, long-term acute-care provider in the United States, the companies said in a news release. It was RehabCare's largest transaction to date.
RehabCare Group completes purchase of Triumph HealthCare
The combined organization will deliver post-acute care to medically complex patients in 41 states, including several dozen hospitals it owns and more than 1,250 hospitals and skilled nursing facilities where it manages rehabilitation programs. Triumph HealthCare President and CEO Brock Hardaway will lead the combined long-term acute-care hospital business under the direction of RehabCare Senior Vice President of Hospital Operations Kevin Gross.
The announcement came slightly before the anticipated closing date of Dec. 1; the deal was announced Nov. 9.
The purchase was funded through a blend of stock offerings that closed on Nov. 18, existing cash on hand, a senior secured-credit facility of $450 million, and a $125 million revolving-credit facility, RehabCare Group said.
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