The Villages Health agrees to sell assets to CenterWell
The Villages Health (TVH), the health care system for The
Villages retirement community in Florida, is proceeding with a
strategic restructuring to preserve its operations, including
filing for Chapter 11 bankruptcy.
CenterWell Senior Primary Care has entered into a “stalking
horse” asset purchase agreement with TVH. This agreement enables
CenterWell, Humana Inc.’s health care services division, to
acquire TVH’s assets as a growing entity. A court must approve
the sale after an auction process, during which other parties can
bid for TVH’s assets; this approval is a condition for the
transaction to proceed and close. Meanwhile, TVH will continue
its operations without disruption, according to the company.
“We believe this plan of reorganization and planned transaction
with CenterWell is in the best interests of our patients,
physicians, other clinicians, employees, partners and community
members, and will ultimately result in a more promising future,”
Dr. Elliot Sussman, chairman of the board and physician founder
of The Villages Health, said in a statement. “Under CenterWell,
this health care system will continue to be a leading provider of
patient-centered, primary care-driven and community-based health
care.”
Based in Orlando, TVH provides health care to more than 55,000
patients in North Central Florida.
The M&A market for healthcare companies continues to build on STRATEGIC opportunities and a fragmented market. Consolidations along with unprecedented demand are driving scale across the continuum of care. The strategic corporate buyers and private equity investors remain committed to acquiring strong businesses that are well prepared for a transaction. Across the continuum of care, these buyers and investors are looking for well established, profitable businesses and offering prime valuations and options for management.
Do you know the current market value of your business? We do! We are here to help you plan, prepare, explore and succeed in executing your strategic options.
Contact Paragon Ventures for more information.
800-719-1555
