Kindred wraps up $195 million Centerre buy, bolsters rehab business
New division to manage company's expanded rehabilitation services created.
Photo of Kindred Hospital from Google
Healthcare services giant Kindred Healthcare has wrapped up its $195 million purchase of Centerre Healthcare Corp., a manager of 11 inpatient rehabilitation hospitals, the Louisville, Kentucky-based company announced on Jan. 2. The deal will bolster Kindred’s rehabilitation services, adding the 11 hospitals to its existing portfolio of five inpatient rehabilitation hospitals and 102 hospital-based acute rehabilitation units.
The acquisition also means Kindred will start a new division, Kindred Hospital Rehabilitation Services, to manage its new combined rehabilitation businesses.
“By adding Centerre’s locations to our current rehabilitation hospital portfolio, we build on our Continue the Care strategy and strengthen our mission of making recovery and a return to home and wellness possible for thousands of patients across America,” Kindred CEO Paul J. Diaz said in a statement.
Kindred boasts annual revenue of $5 billion and a market capitalization of more than $1.2 billion. The company operates in 47 states and employs more than 62,000 people. Kindred will take in 1,600 employees from Centerre.
Here’s a look at how Kindred’s stock has performed:
