LOUISVILLE, Ky.--(BUSINESS WIRE)--Kindred Healthcare, LLC (“Kindred” or the “Company”) today announced it has signed a definitive agreement with WellBridge Healthcare (“WellBridge”) to acquire two behavioral health hospitals, WellBridge Greater Dallas and WellBridge Fort Worth, in the Dallas-Fort Worth metropolitan area.
WellBridge Greater Dallas and WellBridge Fort Worth provide a full continuum of inpatient and outpatient behavioral health services to senior and adult populations in North Texas. Each hospital has 48 licensed beds and both are regional leaders in behavioral healthcare with a history of providing exceptional behavioral health treatment services and superior clinical outcomes. Kindred plans to continue using the WellBridge name.
This acquisition advances Kindred’s objective of expanding the Company’s behavioral health services. Kindred is dedicated to providing hope, healing and recovery for the most medically complex patients – a mission that naturally extends to those suffering from behavioral health issues. Through Kindred Behavioral Health (“KBH”), Kindred is focused on addressing the unmet need for high-quality, specialized and compassionate behavioral health services, including crisis stabilization for acute mental health and substance use disorders; detoxification from alcohol, opiates, cocaine and other drugs; suicidal thoughts or actions, anxiety, depression and post-traumatic stress disorder; and many other behavioral health illnesses.
Under the leadership of Rob Marsh, Senior Vice President and Chief Operating Officer for Behavioral Health, Kindred intends to continue growing its behavioral health footprint across the United States through joint ventures and distinct part unit management with leading hospital systems, in addition to opportunistic acquisitions and organic growth opportunities. Kindred believes that behavioral health services are highly complementary to Kindred’s other facility-based healthcare services and build upon its existing clinical and operational capabilities. To learn more about KBH and the services it provides, go to www.KindredBehavioralHealth.com.
“Kindred is proud to provide specialized, high-quality care for patients who are acutely sick or facing medically complex diagnoses,” said Jason Zachariah, Kindred’s Chief Operating Officer. “Our expansion into behavioral health services is consistent with our mission and is a natural extension of the high-quality services we provide in our long-term acute care hospitals and inpatient rehabilitation facilities. We look forward to applying our expertise and experience to serve more patients with behavioral health issues.”
Mr. Zachariah added, “Kindred has a successful track record of incubating new business lines to address unmet healthcare needs, and this expansion extends that record and advances the Company’s long-term growth objectives. Rob Marsh, along with his seasoned leadership team, bring significant industry and operational expertise, and we are confident KBH is poised for growth and success under their leadership.”
Mr. Marsh said, “Since joining Kindred last year, I have been inspired by the tireless commitment of team members across the Company to supporting our patients and their families. By expanding KBH, Kindred will be able to help more patients reach their highest potential for health and healing. I am thrilled to have an experienced leadership team alongside me at KBH and, supported by the clinical, operational and financial strength of Kindred, I am confident we will successfully expand Kindred’s behavioral healthcare continuum and drive strong revenue growth and patient outcomes.”
The transaction is expected to close in the summer of 2020, subject to the receipt of standard regulatory approvals and customary closing conditions.
About Kindred Healthcare
Kindred Healthcare, LLC is a healthcare services company based in Louisville, Kentucky with annual revenues of approximately $3.2 billion(1). At March 31, 2020, Kindred through its subsidiaries had approximately 31,800 employees providing healthcare services in 1,731 locations in 46 states, including 64 long-term acute care hospitals, 21 inpatient rehabilitation hospitals, 10 sub-acute units, 95 inpatient rehabilitation units (hospital-based) and contract rehabilitation service businesses which served 1,541 non-affiliated sites of service. Ranked as one of Fortune magazine’s Most Admired Healthcare Companies for nine years, Kindred’s mission is to help our patients reach their highest potential for health and healing with intensive medical and rehabilitative care through a compassionate patient experience. For more information, go to www.kindredhealthcare.com. You can also follow us on Facebook, LinkedIn, and Twitter.
(1) Revenues for the last twelve months ended March 31, 2020