MECHANICSBURG, Pa., June 30, 2005 -- Vibra Healthcare LLC, a specialty hospital company previously known as Highmark Healthcare, announced today that it has closed on the acquisition of the Northern California Rehabilitation Hospital located in Redding, CA. The hospital has 88 beds for both acute rehabilitation care and skilled nursing. Vibra will convert most of the skilled nursing beds to long term acute care beds (LTACH).
The transaction was financed by Medical Properties Trust, Inc. (MPT), a Birmingham, AL-based real estate investment trust focused on the specialty and acute care hospital sectors.
The medical rehabilitation hospitals provide patients with a comprehensive array of rehabilitation services focused on returning patients to their normal daily lives after accident or debilitating illness. The LTACH treats patients with medically complex conditions who require extensive clinical care.
The company also announced that it entered into an agreement on February 1, 2005 with St. Francis Health Care Centre of Glen Springs, OH to manage its 36 bed LTACH.
Brad Hollinger, Chairman and CEO of Highmark Healthcare stated that "The acquisition of the Redding hospital and the St. Francis management contract represent important steps in Vibra’s growth. Our continuing partnership with MPT has provided both the capacity and flexibility to sustain our strategic growth."
Vibra Healthcare LLC is a national specialty healthcare provider focused on the development and/or acquisition of freestanding medical rehabilitation and long-term acute care hospitals. Vibra was founded by Brad Hollinger and operates eight acute rehabilitation and LTACH hospitals.
Brad Hollinger, CEO