MECHANICSBURG, Pa., May 31, 2018 /PRNewswire/ -- Vibra Healthcare, LLC ("Vibra"), a post-acute care provider, today announced it has reached an agreement to form a partnership consisting of Ernest Health, Inc. ("Ernest"), and several Vibra rehabilitation hospitals and development projects, which will be contributed in exchange for a significant equity participation in the new entity. One Equity Partners ("OEP"), a leading middle market private equity firm which joins Vibra in the partnership, has agreed to acquire Ernest from Medical Properties Trust ("MPT") and Ernest's management shareholders. Following the completion of the transactions, Ernest will be managed by the Vibra management team, led by Chairman & CEO Brad Hollinger, and will continue to operate under the Ernest name.
Ernest currently operates twenty-five inpatient rehabilitation and long-term acute care hospitals in eleven states, including Arizona, Colorado, Idaho, Indiana, Montana, New Mexico, Ohio, South Carolina, Texas, Utah and Wyoming. Financial details of the transactions have not been disclosed. The transactions are expected to close during the third quarter of 2018.
"We are very excited to have the opportunity to join forces with an organization with an exceptional industry reputation," stated Brad Hollinger, Vibra's Chairman and Chief Executive Officer. "The Ernest management team is recognized as an industry leader in patient care and we look forward to establishing best practices system wide. Strategically, the Ernest hospitals balance Vibra's portfolio of hospitals between inpatient rehabilitation and long-term acute care, better positioning Vibra to thrive in the fast-changing post-acute environment. From a geographic perspective, Ernest provides Vibra entry into over twenty new markets. Furthermore, we are delighted to partner with OEP, a private equity firm with an outstanding reputation for creating shareholder value," Hollinger added.
"The Vibra management team has demonstrated a tremendous ability to grow companies across the post-acute care continuum organically and via acquisitions. The opportunity to partner with Brad and the Vibra management team was a critical factor in our decision to acquire Ernest. The combination of Ernest with the Vibra assets represents the culmination of several years working with the Vibra team who we believe are uniquely qualified to build upon the strong Ernest foundation," added Greg Belinfanti, Senior Managing Director at OEP.
About Vibra Healthcare
Vibra Healthcare, LLC is a post-acute care provider based in Mechanicsburg, PA that is focused on the development, acquisition, and operation of freestanding specialty acute care hospitals, medical rehabilitation hospitals, and outpatient physical rehabilitation centers. Teams of highly trained specialists lead clinical programs at Vibra's specialty hospitals for rehabilitating patients who suffer from strokes, multiple traumas, major orthopedic, neurologic, cardiac, and respiratory conditions. Vibra and its affiliates currently employ over 6,000 employees and own and operate 45 specialty hospitals, transitional care units/facilities, and hospital-based outpatient physical therapy locations in 14 states. For additional information about Vibra Healthcare's network of specialty hospitals and post-acute care continuum, please visit our website at www.vibrahealthcare.com.
About One Equity Partners
OEP is a middle-market private equity firm with approximately $7 billion of assets under management focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 170 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, and Frankfurt. For more information, please visit www.oneequity.com.
SOURCE Vibra Healthcare, LLC