StayWell Health Management said it is buying the assets of LifeMasters Supported SelfCare, a disease-management company. LifeMasters officials said the assets are being sold for $2.25 million.
StayWell acquiring LifeMasters' assets
Staywell, a workplace wellness company in St. Paul, Minn, acquired LifeMasters' assets through a bankruptcy auction on Dec. 14. A bankruptcy court approved the sale order on Dec. 17, and the asset sale is expected to close within three weeks, according to LifeMasters, based in Brisbane, Calif.
LifeMasters filed for Chapter 11 on Sept. 14.
“This transaction allows continuity for existing LifeMasters' customers and, since it was completed approximately 90 days after the Chapter 11 filing, it also provides for a timely financial recovery to creditors,” said George Pillari, managing director of Alvarez & Marsal Healthcare Industry Group and chief restructuring officer and president of LifeMasters, in a written statement.
Paul Terry, president and CEO of StayWell, said in a statement that the acquisition will “enable us to deliver even greater value to our employer customers.”
What do you think? Post a comment on this article and share your opinion with other readers. Submit your comments to Modern Healthcare Online at [email protected]. Please be sure to include your hometown and state, along with your organization and title.
Send us a letter
Have an opinion about this story? Click here to submit a Letter to the Editor, and we may publish it in print.