LifePoint Health, the parent company of Valley View Medical Center, will merge with RCCH HeathCare Partners, according to a joint news release Monday.
When the transaction is completed, the combined company will be privately held, operate under the LifePoint Heath name and be led by William F. Carpenter III, chairman and chief executive officer of LifePoint.
“LifePoint and RCCH are aligned in our missions and commitment to ensuring that non-urban communities across the country have access to quality care, close to home,” Carpenter said in a statement. “Together, we can extend this shared focus while generating new opportunities for growth and partnerships that will help us navigate the changing healthcare industry dynamics. I am eager to work with the outstanding teams at LifePoint and RCCH as we continue advancing high quality patient care and Making Communities Healthier.”
Martin Rash, chairman and chief executive officer of RCCH, said, “The opportunity to join with LifePoint marks a significant milestone in RCCH’s history. The size, scale and focus on growth for the new organization will be impactful for our patients, employees and partners. I am thrilled that these two great companies are coming together.”
Life Point’s Valley View Medical Center, a 90-bed acute care facility, opened in 2005. The hospital provides 24-hour emergency service with full-time emergency physicians on duty, cardiopulmonary services, diagnostic imaging, intensive care and rehabilitative services including outpatient on-campus therapy services with physical, occupational and speech therapy. Valley View expanded into Bullhead City in 2012 with Crossroads Urgent Care and Wide Open MRI.
Officials at Valley View Medical Center declined to comment on the merger.
The two companies, with 2017 revenues of more than $8 billion, bring together 7,000 affiliated physicians, about 60,000 employees and more than 12,000 licensed beds. Following the close of the transaction, LifePoint will operate 84 non-urban hospitals in 30 states, regional health systems, physician practices, outpatient centers and post-acute service providers.
RCCH HealthCare Partners is owned by certain funds managed by affiliates of Apollo Global Management.
“We are excited that LifePoint and RCCH are combining to create a national leader in community-based healthcare and are looking forward to the next chamber of the combined company’s growth,” said Matthew Nord, Apollo senior partner.
Following the close of the transaction, which is expected to be completed over the next several months, the combined company will be named LifePoint Health and the company’s headquarters will continue to be in Brentwood, Tenn., where both companies’ headquarters are located.
LifePoint owns and operates community hospitals, regional health systems, physician practices, outpatient centers, and post-acute facilities in 22 states. According to company literature, it is the sole community healthcare provider in the majority of the non-urban communities it serves.
RCCH HealthCare Partners works with communities to build strong regional healthcare systems that are known for quality patient care. RCCH HealthCare Partners operates 16 regional health systems in 12 states. RCCH HealthCare Partners has more than 14,000 employees and 2,500 affiliated physicians and mid-level providers.
On closing of the transaction, LifePoint shareholders will receive $65 per share in cash for each share of LifePoint common stock they own.