Press release from Business Wire
HCA's TriStar Division to Buy Grandview Medical Center from Capella Healthcare
Tuesday, January 14, 2014
HCA's TriStar Division to Buy Grandview Medical Center from Capella Healthcare09:09 EST Tuesday, January 14, 2014
NASHVILLE, Tenn. (Business Wire) -- HCA (NYSE:HCA) and Capella Healthcare today announced the signing of a definitive agreement for the sale of Grandview Medical Center in the Chattanooga, Tenn.-area by Capella to HCA's TriStar Division.
Grandview Medical Center is a 70-bed hospital in Jasper, Tenn. that serves five counties in Tennessee, Georgia and Alabama. The hospital will become part of the Parkridge Health System in HCA's TriStar Division. With the acquisition of Grandview, the Parkridge Health System will grow to five facilities in the Chattanooga market.
“The addition of Grandview Medical Center will enhance our ability to serve the Chattanooga market and deliver the highest quality patient care possible close to where people live and work,” said Steve Corbeil, President of HCA's TriStar Division. “We look forward to welcoming Grandview to TriStar and Parkridge Health System.”
“We are proud of Grandview Medical Center's service to the Sequatchie Valley in the time they've been part of our Capella family,” said Mark Medley, President of Hospital Operations for Capella Healthcare. “Since joining Capella, they've added new physicians, expanded services, and the staff has been recognized nationally for their focus on quality and safety. During the coming years, to best serve their communities, hospitals must improve quality while lowering costs. Closer collaboration with the region's leading health system will help facilitate the achievement of these goals for Grandview and people throughout the Sequatchie Valley.”
The transaction is subject to customary regulatory approvals and is expected to be completed in the first quarter of 2014. Terms of the agreement were not disclosed. Capella and HCA are working closely to ensure a smooth transition for hospital employees, patients and the community.
All references to “HCA” as used throughout this release refer to HCA Holdings, Inc. and its affiliates.
About TriStar Division
HCA's TriStar Division provides a complete continuum of high quality programs and services to meet the healthcare needs of residents and businesses in Tennessee, South Central Kentucky and North Georgia. HCA's TriStar Division has 16 hospitals, 9 ambulatory surgery centers, numerous diagnostic imaging, physician practices and occupational health sites which treat 127,000 patients and 584,000 emergency room visits annually. Nine HCA TriStar Division hospitals were recently named Top Performers on Key Quality Measure ™ by The Joint Commission. HCA's TriStar Division is a leading comprehensive, integrated provider of healthcare and related services operating 3,230 licensed beds in three states with a staff exceeding 13,000 employees.
About Capella Healthcare
Capella Healthcare partners with communities to build strong local healthcare systems that are known for quality patient care. Based in Franklin, Tenn., Capella owns and/or operates 14 acute care and specialty hospital facilities in six states. With the philosophy that all healthcare is local, Capella collaborates with each hospital's medical staff, board and community leadership to take care to the next level. The company has access to significant leadership and financial resources, investing in its family of hospitals to strengthen and expand services and facilities. Capella was recognized by Modern Healthcare in 2012 and 2013 as one of the nation's fastest growing health care companies. Capella was the highest ranked acute-care hospital company on the prestigious “Healthcare's Hottest” listing of 40 in 2013.
For more information, visit the website, www.CapellaHealthcare.com.
Ed Fishbough, 615-344-2810
Beth Wright, 615-764-3010