Iasis Healthcare has signed a definitive agreement to acquire Brim Holdings, which operates Wadley Regional Medical Center in Texarkana, Texas, and Pikes Peak Regional Hospital in Woodland Park, Colo., in a cash-for-stock transaction valued at approximately $95 million, subject to customary closing conditions and working capital adjustments.
Altaris Capital Partners, the current majority owner of Brim Holdings, will retain majority ownership of Brim’s hospital management contract and health technology tools businesses through a spin-out transaction, which is scheduled to take place just prior to the closing of Iasis’ acquisition of Brim Holdings.
The 370-bed acute-care hospital Wadley Regional serves a population of approximately 275,000 and includes services for internal medicine, family practice, cardiovascular surgery, radiology and women’s services.
Pikes Peak, a 15-bed critical-access hospital, serves a Colorado community with a population of 32,000, and provides services include specialties such as internal and emergency medicine, pulmonology, gastroenterology, cardiology, orthopedics and neurology.
The acquisition of Brim Holdings is expected to close no later than the fourth quarter, according to Iasis, a Franklin, Tenn.-based owner and operator of medium-size acute-care hospitals.