Hospital Partners of America completes $155 million St. Joseph sale

By Caroline Salls

Pittsburgh, May 2 - Hospital Partners of America has completed the $155 million sale of its 79% ownership interest in St. Joseph Medical Center to Iasis Healthcare LLC, according to an Iasis news release.

Iasis said the transaction was based on an enterprise value of $165 million and is subject to final purchase price adjustments.

Physicians own the balance of the hospital's equity, the release said.

"We are pleased and privileged to welcome St. Joseph into our growing family of hospitals," Iasis president and chief executive officer Carl Whitmer said in the release.

"Together with our physician partners, we look forward to using our proven operational strategies, advanced clinical information systems, comprehensive quality infrastructure and access to capital to build upon [St. Joseph's] honored traditions for many more years to come."

The addition of St. Joseph expands Iasis' Texas presence to five hospitals and 1,935 licensed beds. Iasis said it also owns and operates Odessa Regional Medical Center in Odessa, the Medical Center of Southeast Texas in Port Arthur, Southwest General Hospital in San Antonio and Wadley Regional Medical Center in Texarkana.

Hospital Partners of America, a Charlotte, N.C.-based privately held company that develops and operates hospitals, filed for bankruptcy on Sept. 24, 2008. Its Chapter 7 case number is 08-12180.

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