Select Medical Corporation Signs Agreement to Acquire SemperCare, Inc.

MECHANICSBURG, Pa. -- Select Medical Corporation today announced the signing of a definitive agreement to acquire SemperCare, Inc., a privately held company based in Plano, Texas, for approximately $100 million in cash.  The purchase price is subject to

adjustment based on SemperCare's net working capital on the closing date.

   

SemperCare operates 17 long-term acute care hospitals in 11 states.

SemperCare's revenues for calendar 2003 and the nine months ended

September 30, 2004 were approximately $83.0 million and $110.6 million,

respectively.  The transaction, which is expected to close in the first

quarter of 2005, is subject to a number of closing conditions, including

receipt of regulatory approvals.  Robert A. Lefton, SemperCare's co-founder,

president and CEO, and Gary A. Kagan, SemperCare's

co-founder and executive vice president of development, will remain with

SemperCare as employees after the transaction is completed.

 

Select Medical Corporation is a leading operator of specialty hospitals in

the United States.  Select operates 82 long-term acute care hospitals in

25 states.  Select operates four acute medical rehabilitation hospitals in New

Jersey.  Select is also a leading operator of outpatient rehabilitation

clinics in the United States and Canada, with approximately 750 locations.

Select also provides medical rehabilitation services on a contract basis at

nursing homes, hospitals, assisted living and senior care centers, schools and

worksites. 

 

  

Source: Select Medical Corporation

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