NASHVILLE, Tenn., Aug. 12,
2024 /PRNewswire/ -- Rural Healthcare Group "RHG"
announces its intention to purchase Steward Medical Group and
Steward Health Care Network (hereinafter "Stewardship").
Stewardship is one of the largest primary care provider
organizations in the country, with a significant presence in
Massachusetts and nine other
states. The transaction is subject to customary regulatory
approval.
RHG is a primary care provider organization delivering
healthcare to underserved communities in multiple states. RHG's
mission is to improve the lives of people living in underserved
areas through high-quality primary care.
"We are excited to bring our mission and approach to the state
of Massachusetts, and the other
states where Stewardship operates and supports primary care
clinics," said Benson Sloan, CEO of
RHG. "In many ways, RHG has directly preserved and restored primary
care in our Tennessee and
North Carolina markets as both
independent providers and health systems have sought us out to
ensure long-term continuity of care in their communities. A
thriving primary care infrastructure is critical to supporting
local hospitals and specialists, as primary care providers are
instrumental in ensuring patients are directed to the appropriate
facilities at the right time," Sloan continued.
RHG plans to make significant investments in Stewardship's
infrastructure, which will allow providers to continue seeing
patients in existing clinics across the Stewardship network. RHG's
partnership will help keep healthcare local for patients, allowing
them to continue to see providers that are familiar with their
medical history. Furthermore, the transaction will separate Steward
Medical Group and Steward Health Care Network from Steward's
hospital system - transitioning clinics from health system-owned to
independent is an area of expertise for RHG, and ultimately a
benefit to patients.
"We are excited for this partnership with RHG. Working together,
we will improve the patient and provider experience while enhancing
the overall quality of care," said Dr. Joseph Weinstein, President of Steward Medical
Group and Steward Health Care Network.
RHG is owned by Kinderhook Industries, LLC, a private investment
firm that invests in mid-sized health care businesses that serve
the nation's most vulnerable populations. Kinderhook's
investments are focused on protecting access to high-quality
healthcare in communities that are truly underserved.
Rural Healthcare Group is represented by Kirkland & Ellis
LLP (Legal Counsel), Bass, Berry & Sims PLC (Regulatory
Counsel) and Centerview Partners LLC (Investment Banker).
Stewardship is represented by Weil, Gotshal & Manges LLP
(Restructuring Counsel), McDermott
Will & Emery (Regulatory Counsel), Leerink Partners LLC
(Healthcare Investment Banker), and AlixPartners, LLP (Financial
Advisor).
About RHG
The mission of Rural Healthcare Group is to improve the lives of
people in underserved communities by expanding healthcare access
and empowering providers. RHG is headquartered in Nashville, Tennessee, and has 17 clinics
across two states currently.
https://www.ruralhealthcaregroup.com/
About Steward Medical Group and Steward Health Care
Network
Steward Medical Group and Steward Healthcare Network is a
physician-led multispecialty organization offering primary care and
specialty services. The company has more than 1,700 providers and
operations in 11 states.
https://www.stewardmedicalgroup.org/
About Kinderhook Industries, LLC
Founded in 2003, Kinderhook Industries, LLC is a private
investment firm that has raised $8.5
billion of committed capital. We have made in excess of 450
investments and follow-on acquisitions since inception.
Kinderhook's investment philosophy is predicated on matching
differentiated, growth-oriented investment opportunities with
financial expertise and our proprietary network of operating
partners. Our focus is on middle market businesses with defensible
niche market positioning in the healthcare services,
environmental/business services and automotive/light manufacturing
sectors.
https://www.kinderhook.com/
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SOURCE Rural Healthcare Group