LAFAYETTE, LA – Lafayette Surgical Specialty Hospital (LSSH) announced today their impending partnership with National Surgical Hospitals (NSH), an owner, operator and developer of surgical hospitals and surgery centers in partnership with local physicians. NSH will purchase a majority interest in LSSH, increasing to 15 the number of surgical hospitals owned and operated by the Company nationwide. The transaction is expected to be completed in February of this year. Funding for this acquisition is made possible by NSH's concurrent recapitalization with Irving Place Capital, a New York-based private equity firm. Stephens Inc. served as LSSH's exclusive financial advisor on the transaction.
Lafayette Surgical Specialty Hospital opened in 2004 with a core group of orthopedic surgeons, neurosurgeons, pain management practitioners and ENT specialists and now has 32 physician partners who will remain investors and operators of the facility even after the transaction. The facility comprises 75,000 square feet and includes eight operating rooms, two treatment rooms and 20 inpatient beds. The hospital has experienced great success throughout the years and continues to thrive with physicians performing approximately 8,000 procedures there in 2010.
Since its inception, LSSH has established a strong presence in the local community and national healthcare arena largely because of its reputation as a state-of-the-art patient-focused facility. LSSH uses specialized technology and equipment which is supported by dedicated doctors and nurses to deliver excellence in patient care, every day. The hospital, its partner physicians, and new national affiliate will continue to play a major role as good corporate citizens locally and will continue to achieve recognition for quality patient care throughout the state and nation.
Commenting on the announcement, John G. Rex-Waller, Chairman, President and Chief Executive Officer of NSH, said, "We are pleased to acquire a majority interest in Lafayette Surgical Specialty Hospital, which marks another strategic step for our company as we expand our presence in the surgical hospital arena.
We are especially attracted to the vibrant Lafayette area, where this facility's specialized approach to quality healthcare readily expands the continuum of available choices, delivering greater cost efficiency and convenience to patients and creating increased practice efficiencies for surgeons. We are gratified by the confidence and support shown by the physician partners at Lafayette Surgical Specialty Hospital for NSH, and we look forward to forging a solid, long-term relationship with them as we work together to expand the potential and reach of this outstanding facility."
Dr. David Muldowny, Chairman of Lafayette Surgical Specialty Hospital, added, "As always, our primary interest is the welfare of our patients, and we believe the singular focus that NSH brings to high-quality surgical care will enhance our ability to provide patients with a better overall hospital experience and, thus, help our hospital achieve its mission to provide the best possible patient care."
National Surgical Hospitals is the innovative healthcare partner that empowers physicians to thrive in a changing marketplace. NSH owns and operates 14 surgical hospitals and seven ambulatory surgery centers, specializing in orthopedic surgery, spine and back, pain management, and neurosurgery. For information about NSH, visit the company's website at http://www.nshinc.com/.
Irving Place Capital, a leading middle-market private equity firm, has agreed to recapitalize NSH, in partnership with senior management. IPC invests private equity capital in buyouts, recapitalizations, and growth capital opportunities alongside superior management teams, focusing on making control or entrepreneur-driven investments. Since its formation in 1997, IPC has invested in more than 50 companies and has raised over $4.0 billion of capital, including its current $2.7 billion institutional fund. More information about Irving Place Capital is available at http://www.irvingplacecapital.com/.
Lafayette Surgical Specialty Hospital, located at 1101 Kaliste Saloom Road, is a patient focused and physician directed hospital specializing in orthopedic, neurological, ear, nose & throat, urological, gynecological, plastics, and general surgical procedures and pain management. It was recently chosen as the 2010 Hospital of the Year (100 beds or less) for the fourth consecutive year by the Louisiana Nurses Foundation and the Louisiana State Nurses Association. LSSH was also selected as one of the 2010 Top 100 "Best Places to Work in Healthcare” by Modern Healthcare magazine.