|By PR Newswire||
|September 3, 2013 05:00 PM EDT||
MECHANICSBURG, Pa., Sept. 3, 2013 /PRNewswire/ -- Vibra Healthcare, LLC ("Vibra") today announced that through an affiliate it has completed the purchase of 14 specialty hospitals and facilities from Kindred Healthcare, Inc. ("Kindred") for $165.8 million.
The 14 specialty hospitals and facilities already purchased by Vibra plus the two facilities still under contract for sale (collectively, the "Facilities") consist of 14 long-term acute care ("LTAC") hospitals with 1,002 licensed beds, one inpatient medical rehabilitation hospital ("IRF") with 44 licensed beds and one skilled nursing facility ("SNF") with 135 licensed beds.
As previously announced, Vibra agreed to purchase three additional LTAC hospitals from Kindred. Vibra and Kindred expect to close on the sale of two of these hospitals before year-end for $20.7 million subject to customary conditions to closing. Kindred was unable to satisfy the closing conditions for the sale of the third hospital and has elected to remove it from the transaction.
"By closing this major portion of the transaction Vibra has strategically expanded its specialty hospital and post acute continuum of care operations in several new markets while adding crucial services in key markets that Vibra already serves. The comprehensive nature of this acquisition furthers our strategic plan and positions Vibra with scale to better address the growing post acute care market needs and the changing healthcare landscape," said Brad Hollinger, Vibra's Founder, Chairman and Chief Executive Officer. "We are confident this acquisition will enhance our long term objectives while immediately adding value."
About Vibra Healthcare
Vibra Healthcare, LLC is a specialty hospital provider based in Mechanicsburg, Pa that is focused on the development, acquisition and operation of freestanding Long Term Acute Care (LTAC) hospitals, Inpatient Medical Rehabilitation Hospitals (IRF's) and outpatient physical rehabilitation centers. Teams of highly trained specialists lead clinical programs at Vibra's specialty hospitals for medically complex patients who suffer from major orthopedic, neurologic, stroke, multiple trauma, cardiac and respiratory conditions. Vibra and its affiliates currently employ over 9,000 employees and own and operate over 90 specialty hospitals, transitional care units/facilities and hospital-based outpatient physical therapy locations in 18 states. For additional information about Vibra Healthcare and its network of specialty hospitals please visit our website at http://www.vibrahealthcare.com.
SOURCE Vibra Healthcare, LLC