NASHVILLE, Tenn., July 15 /PRNewswire/ -- Martin S. Rash and John M. Rutledge, hospital veterans with experience operating and managing more than 300 hospitals in 25 states, announced today the formation of RegionalCare Hospital Partners in partnership with Warburg Pincus, a leading global private equity firm. Mr. Rash will serve as Chairman and Chief Executive Officer with Mr. Rutledge as President and Chief Operating Officer. Sam H. Moody will be the senior vice president of operations. Warburg Pincus will invest up to $300 million to support RegionalCare Hospital Partners' strategy of acquiring and operating hospitals in non-urban markets as Warburg Pincus and the executive team find attractive opportunities.
Mr. Rash previously served as chairman and CEO of Province Healthcare, a NYSE hospital company. He has served as chairman of the Nashville Health Care Council and as Chairman of the Board for the Federation of American Hospitals. He currently serves on the board of HealthSpring, a NYSE company. Mr. Rutledge has spent 25 years in the hospital management field, most recently as President and COO of Province Healthcare.
According to Mr. Rash, "Healthcare in the U.S. is changing rapidly and putting unprecedented pressure on local hospitals. With the formation of RegionalCare Hospital Partners, we want to do just what our name says, partner with hospitals that serve a broad, regional population and help them meet the healthcare needs of their communities."
Rash went on to add, "I am grateful to have the opportunity to work with John and Sam again. John is an outstanding hospital operator, with a passion for creating organizations that make a difference in the local community. Sam's depth of experience and understanding of the intricacies of hospital operations and finances will be invaluable in these difficult times. We are also very honored to have Warburg Pincus as our equity partner in RegionalCare Hospital Partners. We recognize that these are trying economic times and it is gratifying to have the financial resources and industry perspective of Warburg Pincus supporting us."
Mr. Rutledge commented, "We believe the heart of healthcare is service to others. We want to build an organization, as we have in the past, which is focused on meeting the needs of patients, physicians, and employees, and being a good corporate citizen. The local hospital is a hub, a centerpiece of the local community; it is central to the growth and well-being of the community. We will work diligently to create a culture and an environment where every person at every hospital has the tools, resources, training, and leadership to make a difference in people's lives and in their community."
Rutledge says the market and landscape for possible acquisitions is strong. "We are seeking partnerships with community hospitals in stable markets across the country where we can provide management expertise and capital to expand medical services and facilities. We are very well capitalized and because of our strong financial foothold, we will be able to accelerate the strategic vision and work of the local hospital. We will work with trustees, physicians and administration to grow the range and depth of healthcare services available locally and enrich each hospital's regional influence and reputation."
Sean Carney, Managing Director, Warburg Pincus commented, "We are very excited to have this opportunity to partner with Marty and John in the formation of RegionalCare Hospital Partners, and we are looking forward to working with them to identify opportunities that will utilize their deep industry experience to support the delivery of quality healthcare services."
RBC Capital Markets served as exclusive financial adviser to the transaction.
About RegionalCare Hospital Partners
RegionalCare Hospital Partners is headquartered in Brentwood, TN. The phone number is (615) 376-7260. Website is www.regionalcarehospitalpartners.com.
About Warburg Pincus
Warburg Pincus is a leading global private equity firm. The firm has more than $25 billion in assets under management. Its active portfolio of more than 100 companies is highly diversified by stage, sector and geography. Warburg Pincus is a growth investor and an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 12 private equity funds which have invested more than $29 billion in approximately 600 companies in 30 countries.
The firm has invested more than $6.5 billion in healthcare companies, including investments in Allos Therapeutics, American Medical Systems, Bausch & Lomb, Coventry Health Care, Eurand, Euromedic International (acquired by Merrill Lynch Global Private Equity and Ares Life Sciences in 2008), Harbin Pharmaceuticals, Kyphon Inc. (acquired by Medtronic in 2007), Tornier B.V., Wright Medical Group and Zentiva.
The firm has offices in Beijing, Frankfurt, Hong Kong, London, Mumbai, New York, San Francisco, Shanghai and Tokyo. For more information, please visit www.warburgpincus.com.
|SOURCE RegionalCare Hospital Partners|
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