WOONSOCKET – Landmark has signed a nonbinding letter of intent to sell the Landmark Medical Center and the Rehabilitation Hospital of Rhode Island to Brentwood, Tenn.-based RegionalCare Hospital Partners.
The terms of the offer were not disclosed, the court-appointed special master for Landmark Medical Center Jonathan N. Savage said in a news release on Wednesday.
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“Although terms of the offer cannot be released at this time, RegionalCare Hospital Partners has committed to make a significant capital investment in the hospital over the next five years. This will include a multimillion-dollar expansion of the hospital’s emergency room services,” said Savage.
An asset-purchase agreement is slated to be signed on March 15 and then submitted to the court for approval.
“RegionalCare Hospital Partners was selected based upon their commitment to keep services open, their significant access to capital, their management teams’ experience in dealing with hospitals similar to Landmark, and their willingness to move quickly to complete the transaction,” said Savage.
RegionalCare’s primary shareholder is private equity firm Warburg Pincus. It currently operates four hospitals: Clinton Memorial Hospital in Wilmington, Ohio; Eliza Coffee Memorial Hospital in Florence, Ala.; Shoals Hospital in Muscle Shoals, Ala.; and Ottumwa Regional Health Center in Ottumwa, Iowa.
Landmark serves about 7,000 inpatients, 45,000 emergency room visits and 75,000 outpatient visit annually; it has 1,300 employees directly and is responsible for supporting another 1,500 jobs indirectly.
