RegionalCare Hospital Partners, Brentwood, Tenn., has agreed to acquire another investor-owned hospital company, Nashville-based Essent Healthcare, for undisclosed terms, according to a company news release.
RegionalCare to acquire Essent Healthcare
Subject to customary closing conditions, including regulatory approvals, RegionalCare expects to close the deal by year-end. Marty Rash will remain as chairman and CEO of RegionalCare, but the potential roles, if any, of Essent’s management team still are being evaluated, according to Kim Fox, a spokeswoman for Essent.
Essent shrunk to just three hospitals, one each in Connecticut, Pennsylvania and Texas, when it sold its two Massachusetts hospitals to Steward Health Care System, Boston, in May. Privately held Essent was founded in 1999 and purchased its first hospital, in Wentzville, Mo., in 2000. Its private-equity backers, Vestar Capital Partners and Cressey & Co., will not hold any equity interest in RegionalCare after the deal, Fox said.
Closing the deal would give RegionalCare seven hospitals in six states. Both companies focus on nonurban markets.
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