Investment fund Apollo Global Management on Tuesday completed the purchase of RegionalCare Hospital Partners, an eight-hospital system based in Brentwood, Tenn. Terms were not disclosed.
RegionalCare CEO Marty Rash said last month that when the deal was announced that Apollo's capital would allow the system to grow current operations and expand into additional markets.
For Apollo, a giant private equity group with about $162 billion under management, the RegionalCare acquisition is its first foray into hospital ownership, according to Apollo's website.
Apollo bought RegionalCare from another private equity firm, Warburg Pincus. Apollo spokesman Charles Zehren declined to comment beyond Tuesday's news release.
Founded in 2009, RegionalCare is now in seven states with eight community hospitals, five outpatient centers, physician practices and urgent-care centers.
Among its hospitals are two in Alabama, Eliza Coffee Memorial Hospital and Shoals Hospital, and Canyon Vista Medical Center in Sierra Vista, Ariz.