Updated: Kindred Healthcare sells Mount Pleasant hospital to Vibra
Kindred Healthcare Inc. has exited the Charleston market by finalizing the sale of its newly renovated rehabilitation hospital in Mount Pleasant.
The company sold the 94-bed East Cooper facility and 13 others to Vibra Healthcare on Tuesday, according to a statement. The $166 million deal was announced in April.
Louisville-Ky.-based Kindred said the 14 medical centers it shed were outside the 21 core U.S. geographical areas it is concentrating on nationwide.
“These transactions will significantly advance our repositioning strategy, strengthen our financial position and allow us to sharpen our focus on our integrated care markets,” said Paul J. Diaz, chief executive officer.
Vibra is headquartered in Mechanicsburg, Pa., and was founded by CEO Brad Hollinger in 2004. Before the Kindred acquisition, it had no operations in South Carolina. It has renamed the Mount Pleasant medical center Vibra Hospital of Charleston.
“The comprehensive nature of this acquisition furthers our strategic plan and positions Vibra with scale to better address the growing post-acute care market needs and the changing health care landscape,” Hollinger said in a statement. “We are confident this acquisition will enhance our long-term objectives while immediately adding value.”
Privately held Vibra and its affiliates have more than 9,000 employees in 18 states. The companies own and operate more than 90 specialty hospitals, transitional care centers and physical therapy units.
Vibra officials in Mount Pleasant and Pennsylvania did not respond to requests by phone and email for additional comment Wednesday.
This week’s sale marks the second time in two years that the Mount Pleasant health-care facility has changed hands.
Kindred bought the vacant hospital near U.S. Highway 17 and Bowman Road for $16 million about two years ago. The seller was Tenet Healthcare, which moved out in 2010 when it opened its nearby East Cooper Medical Center.
Kindred then invested about $14 million to renovate the 125,000-square-foot building. The overhaul gave the company 59 long-term, acute-care beds and 35 subacute-care beds when it reopened the hospital late last year.
Previously, Kindred had operated from a smaller space in the former Charleston Memorial Hospital on the peninsula since 2002.
Contact John McDermott at 937-5572.