Press release from Business Wire
Bell Joins LifePoint, Becomes Part of National Network of Community Hospitals
<p class='bwalignc'> <i><b>Acquisition bringing new financial, clinical and operational resources to Ishpeming hospital is finalized</b></i> </p>
Monday, December 02, 2013
Bell Joins LifePoint, Becomes Part of National Network of Community Hospitals09:20 EST Monday, December 02, 2013
ISHPEMING, Mich. (Business Wire) -- The Bell Hospital Board of Directors has finalized its agreement to be acquired by LifePoint Hospitals® (NASDAQ:LPNT). Becoming part of LifePoint will bring the Ishpeming hospital significant resources to expand its services, invest in its infrastructure and enhance the health of the communities it serves.
“The Bell Hospital team is thrilled to finalize this acquisition and become part of LifePoint,” said Robert DellAngelo, M.D., Chairman of the Bell Hospital board. “We look forward to working with LifePoint to find new ways to strengthen our hospital, enhance the care we provide in our community, and improve the health and well-being of people throughout the Upper Peninsula.”
As part of the final acquisition agreement, LifePoint will make $5 million in capital investments at Bell over the next decade. Investments will include an improved IT infrastructure, state-of-the-art equipment and facility upgrades. Through the acquisition, the hospital also will have access to support and resources to help it recruit and retain needed physicians, enhance its clinical services to meet the changing needs of its community, and improve its operations in the evolving healthcare environment.
“We are excited to welcome Bell Hospital to LifePoint,” said LifePoint Chairman and Chief Executive Officer William F. Carpenter III. “Providing quality healthcare to patients is a top priority that Bell and LifePoint share. We look forward to becoming part of the Ishpeming community and working with the management team, physicians, staff and volunteers at Bell to explore ways to help the hospital grow and prosper.”
Proceeds from the acquisition transaction have eliminated Bell's debt. Approximately $4 million in excess proceeds from the transaction is expected to be available. Bell plans to use these funds to support charitable activities in the community. The acquisition also will establish Bell as a local taxpaying organization, which will bring additional revenue to Ishpeming and help support local projects.
“Bell Hospital looks forward to beginning this next chapter in the rich legacy of our hospital,” said Floyd Bounds, Bell Hospital CEO. “We are excited for the months ahead and for the opportunities we will have to be a part of creating healthier communities across the U.P. with LifePoint. This is truly an exciting day for our hospital, physicians, employees and patients.”
The transaction was reviewed and approved by the Attorney General of Michigan, Bill Schuette.
About Bell Hospital
Bell is a 25-bed critical access hospital with more than 350 employees serving the healthcare needs of people throughout Marquette County. Bell has more than 90 physicians on its active and consulting medical staff with specialties in Family Practice, Pediatrics, Internal Medicine, Obstetrics and Gynecology, Orthopedics, Urology, Emergency Medicine, Pathology, Radiology, Ophthalmology and Otolaryngology.
About LifePoint Hospitals
LifePoint Hospitals® is a leading hospital company focused on providing quality healthcare services close to home. Through its subsidiaries, LifePoint operates 60 hospital campuses in 20 states. With a mission of “Making Communities Healthier®,” LifePoint is the sole community hospital provider in the majority of the communities it serves. More information about the Company, which is headquartered in Brentwood, Tennessee, can be found on its website, www.LifePointHospitals.com. All references to “LifePoint,” “LifePoint Hospitals,” or the “Company” used in this release refer to LifePoint Hospitals, Inc. or its affiliates.
Ruth Solinksi, 906-485-2796
Diane Huggins, 615-565-1817