WAYNESBURG, Pa., and NASHVILLE, Tenn., Oct. 12 /PRNewswire/ -- Essent Healthcare has completed the acquisition of Greene County Memorial Hospital, officials announced today. To reflect its new ownership and the opportunities that lay ahead, the hospital has been renamed Southwest Regional Medical Center.
“Southwest Regional Medical Center is essential to the people of Greene County,” says W. Hudson Connery Jr., Founder, President and Chief Executive Officer of Essent Healthcare. “With the right mix of financial and management resources, we are confident this facility will thrive for years to come.”
Proceeds from the sale of the hospital have been placed in a charitable foundation, which dollars will fund health-related programs in the community. The hospital’s former Board of Trustees will be responsible for the creation of a governing body of this foundation and for the distribution of charitable funds.
“We’re delighted. The sale allows our community to retain its hospital and benefit tremendously from the proceeds for years to come,” says Don Headlee, Chairman of the Greene County Memorial Hospital Board of Trustees. “This is a significant investment in Greene County, one that we hope will lead the way for other economic development opportunities in the region.”
The hospital’s Board of Trustees unanimously chose Essent from among a group of bidders to buy the 54-bed hospital, which is located approximately one hour south of Pittsburgh in Waynesburg, Penn. Nestled in the southwest corner of the state, Greene County is home to the two largest producing coalmines in the United States.
Southwest Regional Medical Center marks Essent’s first acquisition in approximately two years and becomes the company’s fifth hospital. The only hospital in an approximately 25-mile region, SRMC mirrors Essent’s deliberate selection of community hospitals that are essential providers of healthcare to the communities they serve.
Terms of the transaction were not disclosed. However, Essent has committed to invest at least $1 million per year for 10 years.
About Southwest Regional Medical Center
Founded in 1907, Southwest Regional Medical Center is a 54-bed community- based medical center with comprehensive medical and surgical programs.
About Essent Healthcare
Essent Healthcare was founded in 1999 with the mission of acquiring community hospitals and providing them with the financial resources and the expertise they need to grow. Essent Hospitals include Merrimack Valley Hospital in Haverhill, Mass., Sharon Hospital in Sharon Conn., Nashoba Valley Medical Center in Ayer, Mass., Paris Regional Medical Center in Paris, Texas, and its newest hospital, Southwest Regional Medical Center in Waynesburg, Penn. More information about Essent Healthcare is available at www.essenthealthcare.com.
Essent Healthcare
CONTACT: Molly Cate for Essent Healthcare, +1-615-254-0575
Web site: http://www.essenthealthcare.com/
