St. Louis-based Ascension has completed the sale of Lourdes Health Network in Pasco, Wash., to Brentwood, Tenn.-based RCCH HealthCare Partners, which is owned by private equity firm Apollo Global Management, according to the Tri-City Herald.
The $21 million transaction has been in the works for several years and officially closed Sept. 1.
"I truly believe becoming a member of RCCH HealthCare Partners will make Lourdes a stronger organization, giving us new opportunities for growth," John Serle, Lourdes CEO, said in a prepared statement. "This partnership will bring additional resources to our growing community and allow us to expand services and recruit specialists, so residents can get care they need right here at home."
With the change in ownership, Lourdes Health Network will convert from nonprofit to for-profit. RCCH plans to invest $18 million in Lourdes Health Network over five years, according to the report.
RCCH has been expanding its footprint in recent months. In February, the private equity firm announced it would form a public-private partnership with Seattle-based UW Medicine to own and operate hospitals in Alaska, Idaho and Washington. Under a $5.6 billion deal proposed in July, Brentwood, Tenn.-based LifePoint Health will combine with RCCH.
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