WCAS, Select Medical to Buy Concentra for Over $1B
March 24, 2015
Welsh, Carson, Anderson & Stowe and Select Medical (NYSE: SEM) have entered into an agreement to acquire Concentra from its parent company Humana for $1.05 billion. Concentra is a healthcare company that delivers a range of medical services to employers and patients, including urgent care, occupational medicine, physical therapy, primary care and wellness programs; it currently operates more than 300 medical centers and 170 onsite clinics in 40 U.S. states. Select and WCAS have created a joint venture to acquire the company, with Select owning 50.1% of the new entity and WCAS owning the remaining interest. WCAS's portion of the investment will come from its $3 billion Fund XII. The deal is expected to close in 2Q.