Select Rehabilitation plans to acquire Kindred Healthcare's contract rehabilitation services business line, RehabCare.
The two companies on Monday said they signed a definitive agreement for the deal. Terms were not disclosed but the deal is expected to be finalized in 2020, according to a news release.
After the acquisition, Glenview, Ill.-based Select and RehabCare will provide contract rehabilitation services to patients in skilled nursing facilities, assisted living facilities and outpatient facilities in 43 states.
Kindred President and CEO Benjamin Breier said Select is an ideal partner because the company shares many of Kindred's core values and has a management team focused on doing what is best for patients.
"Together, Select and RehabCare will be poised to enhance the quality and breadth of their services to customers and to bring new professional and growth opportunities for our RehabCare team members," Breier said.
Select CEO and Co-founder Anna Gardina Wolfe said the RehabCare acquisition creates growth opportunities.
"The addition of RehabCare's management and therapy teams will solidify Select's best-in-class reputation, while the expanded operations will position us to leverage our technology solutions beyond the contract therapy healthcare sector," Gardina Wolfe said.
Louisville-based Kindred has annual revenues of about $3.1 billion and employs about 32,000 people in 1,731 locations in 46 states, including 64 long-term acute care hospitals, 22 inpatient rehabilitation hospitals, 10 sub-acute units, 94 inpatient rehabilitation units, contract rehabilitation service businesses and behavioral health services.