LifePoint Health has signed a definitive agreement to acquire a majority ownership interest in behavioural healthcare services provider Springstone’s operating company.
Springstone has 18 behavioural health hospitals and 35 outpatient facilities in nine states.
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LifePoint Health stated that the deal reflects its commitment to make an investment in behavioural health and improve access to healthcare services for communities.
The company currently supports over 30 behavioural health facilities in community hospitals and the centres of care across the country along with three inpatient behavioural health facilities.
Upon completion of the acquisition, LifePoint Health’s healthcare delivery network will comprise 21 behavioural health hospitals, 31 rehabilitation hospitals, and 62 community hospital campuses.
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It will also include over 200 additional sites of care, including outpatient centres, post-acute care facilities and managed acute rehabilitation units.
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By GlobalDataLifePoint Health CEO and chairman David Dill said: “The need for greater access to behavioural health services continues to grow and is fundamental to our objective of providing diversified healthcare delivery services to communities and partners across the country.
“Adding the talented team at Springstone’s depth of experience and platform for providing high quality behavioural healthcare will accelerate our ability to broaden these crucial services for communities that need them.”
Subject to the satisfaction of customary closing conditions, that include routine regulatory notices, the transaction is anticipated to be concluded early next year.
Medical Properties Trust will retain a minority interest in the operating company of Springstone.
It will also maintain the ownership of a majority of Springstone’s real estate locations, as part of the deal.
For the deal, Barclays and Goldman Sachs & Co. acted as financial advisors, while Sidley Austin LLP and Paul, Weiss, Rifkind, Wharton & Garrison served as legal counsel to LifePoint Health.
