Cumberland County-based Vibra Healthcare LLC has completed its $165.8 million acquisition of 14 specialty hospitals and facilities from Kentucky-based Kindred Healthcare Inc.
The deal, for which the companies signed a definitive agreement earlier this year, was originally for 17 facilities and $187 million. According to a news release, Kindred was unable to satisfy the closing conditions for one hospital and elected to remove it from the transaction. Vibra and Kindred expect to close on the sale of the remaining two hospitals for $20.7 million before the end of the year, subject to customary conditions to closing.
In all, Vibra will be acquiring 14 long-term acute care hospitals with 1,002 licensed beds; one inpatient medical rehabilitation hospital with 44 licensed beds; and one skilled nursing facility with 135 licensed beds.
"Vibra has strategically expanded its specialty hospital and post acute continuum of care operations in several new markets while adding crucial services in key markets that Vibra already serves," said Brad Hollinger, Vibra's founder, chairman and CEO. "The comprehensive nature of this acquisition furthers our strategic plan and positions Vibra with scale to better address the growing post acute care market needs and the changing healthcare landscape. We are confident this acquisition will enhance our long term objectives while immediately adding value."
According to Vibra, the transaction represents a near doubling of its LTAC hospital and Inpatient Medical Rehabilitation Hospital portfolio.