News 03/27/07
Boise Hospital to Benefit from Sale of Surgery Division by HealthSouth
Media Contact:
Jarred Blankenship
jarred.blankenship@healthsouth.com
208-860-9816
Boise, ID- HealthSouth Corporation announced Monday it has reached an agreement to sell its Surgery Division to Texas Pacific Group (TPG) for approximately $945 Million. The HealthSouth Surgery Division is a network of 139 outpatient surgery centers and three surgical hospitals, one of which is Treasure Valley Hospital (TVH) located in Boise.
"The physicians and employees at TVH are excited about the partnership with TPG. They will be able to provide us with the financial backing, strategy and expertise needed for us to continue to offer the most efficient and cost effective care in the Treasure Valley," Dr. Jeffrey Hessing, MD, TVH Medical Director said.
Due to being heavily leveraged by debt, HealthSouth announced in August that it would sell its Diagnostic, Outpatient Rehabilitation and Surgery Divisions and focus on inpatient rehabilitation services. TPG, founded in 1992 currently manages over $30 billion in assets around the world
"From a local stand point this partnership will allow us to continue to improve on the quality of care we have been providing the valley for over ten years. It will also allow us to look at new opportunities and services that we may be able to offer as we continue to grow with our community," Michael Long, MBA, TVH Administrator Said.
This is a big vote of confidence for Treasure Valley Hospital. TPG believes that surgical hospitals and centers are the future of health care in this country and they want to be leaders in that industry," Dr. Hessing Added.
About Treasure Valley Hospital
Treasure Valley Hospital is a surgical hospital that has been offering surgeries and procedures on an inpatient and outpatient basis for over 10 years. Visit www.treasurevalleyhospital.com.
About HealthSouth
HealthSouth strives to be the healthcare company of choice for its patients, employees, physicians and shareholders. Operating across the country, HealthSouth is one of the nation's largest providers of healthcare services with a focus in the inpatient rehabilitation industry. HealthSouth can be found on the Web at www.healthsouth.com.
About TPG
TPG is a private investment partnership that was founded in 1992 and currently has more than $30 billion of assets under management. With offices in San Francisco, London, Hong Kong, New York, Minneapolis, Fort Worth, Melbourne, Menlo Park, Mumbai, Shanghai, Singapore and Tokyo, TPG has extensive experience with global public and private investments. These have been executed through leveraged buyouts, recapitalizations, spinouts, joint ventures and restructurings. TPG’s investments span a variety of industries including healthcare, retail/consumer, airlines, media and communications, industrials, technology and financial services. Please visit www.tpg.com.