GLENVIEW, Ill.--(BUSINESS WIRE)--Select Rehabilitation (“Select”) and Kindred Healthcare, LLC (“Kindred”) today announced they have signed a definitive agreement whereby Select will acquire Kindred’s RehabCare business line. Transaction terms were not disclosed.
Post-closing, Select will have 17,000 rehabilitation therapists serving more than 2,300 post-acute skilled nursing facilities, CCRCs, assisted and independent living facilities, schools and home health locations in 43 states. RehabCare’s experienced leadership team will join Select, ensuring a smooth transition for clients and supporting Select’s continued growth.
“Select’s acquisition of RehabCare presents exciting growth opportunities based on the companies’ shared cultural foundation of clinical excellence, quality care provision and outstanding customer service,” said Anna Gardina Wolfe, Select’s CEO and co-founder. “The addition of RehabCare’s management and therapy teams will solidify Select’s best-in-class reputation, while the expanded operations will position us to leverage our technology solutions beyond the contract therapy healthcare sector.”
“Select shares many of our core values and is led by a senior management team whose number-one priority is doing what is best for the patients entrusted to their care,” commented Benjamin A. Breier, Kindred’s president and CEO. “Select is poised to enhance the quality and breadth of their services to customers and to bring new professional and growth opportunities for RehabCare team members.”
“When we founded Select 22 years ago with a single facility in Illinois, our vision simply was to provide a better solution for post-acute care rehabilitation,” reflected Neal Deutsch, Select’s chairman and co-founder. “Our ability to acquire RehabCare enhances Select’s position as a leading industry provider of contract rehabilitation services and is a true testament to the strength of our amazing leadership team, dedicated therapists and extremely loyal customer base.”
The transaction is expected to close in 2020. It is subject to customary conditions to closing, including the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Truist Securities is serving as financial advisor to Select and fully committed financing for the transaction has been provided by Truist, BBVA Securities and Fifth Third Bank. Katten Muchin Rosenman LLP is serving as Select’s legal advisor.
RehabCare provides contract therapy services in 43 states across multiple settings including skilled nursing facilities, assisted living facilities, independent living facilities, continuing care retirement communities and outpatient facilities. It is part of Kindred Rehabilitation Services (KRS), a division of Kindred Healthcare, LLC. Learn more at www.rehabcare.com.
About Select Rehabilitation
Select Rehabilitation is a leading provider of contract rehabilitation services. The Glenview, Illinois-based company’s 12,000 therapists deliver a range of clinical services at more than 900 facilities located in 35 states. Established in 1998, the founder-operated company’s innovative approach to delivering exceptional patient outcomes, state-of-the-art technology infrastructure and compliance-driven patient-care model have earned it a strong reputation among skilled nursing, assisted living and independent living providers. Learn more at www.selectrehab.com.