Kindred Healthcare Completes Acquisition of Centerre

Healthcare services company Kindred Healthcare (Louisville, KY, USA) has completed the acquisition of Centerre Healthcare (Franklin, TN, USA) for USD 195 million.

Kindred Healthcare, which currently operates five inpatient rehabilitation hospitals and 102 hospital-based acute rehabilitation units under its RehabCare division, will absorb a further 11 inpatient rehabilitation hospitals with 612 beds. Centerre is also constructing two additional facilities with a total of 90 beds, expected to open in 2015, and also holds a pipeline of additional hospitals in various stages of development. The rehabilitation services division of Kindred Healthcare could thus become one of the largest operators of inpatient rehabilitation hospitals in the United States, carrying out operations in 36 states in 384 locations.

“We are pleased to acquire Centerre, which enhances Kindred's strategy to collaborate with healthcare networks, managed care providers, and other health entities in local markets to best meet patient needs, reduce costs and improve clinical outcomes,” said Benjamin Breier, president of Kindred Healthcare. “Combining the strengths of RehabCare, Kindred's rehabilitation hospitals and Centerre, Kindred will establish a new business line, Kindred Hospital Rehabilitation Services.”

“By adding Centerre's locations to our current rehabilitation hospital portfolio, we build on our ‘Continue the Care’ strategy and strengthen our mission of making recovery and a return to home and wellness possible for thousands of patients across America,” added Paul Diaz, CEO of Kindred Healthcare. “This transaction also enhances our position as one of the nation's premier providers of inpatient rehabilitation.”

Kindred Healthcare is a Fortune 500 healthcare services company with annual revenues of USD 5 billion which provides healthcare services in 2,376 locations, including 97 transitional care hospitals, five inpatient rehabilitation hospitals, 99 nursing centers, 22 sub-acute units, 152 Kindred at Home hospice, home health and non-medical home care locations, 102 inpatient rehabilitation units (hospital-based) and a contract rehabilitation services business, RehabCare, which served 1,899 non-affiliated facilities.

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