HMA, Sparks deal is official
by November 30, 2009 4:39 pm 120 views
The deal is done.
Naples, Fla.-based Health Management Associates formally announced late Monday (Nov. 30) it has acquired Sparks Health System, with the transition effective Tuesday (Dec. 1).
A definitive agreement to sell Sparks to HMA was signed Nov. 4. The two parties announced Aug. 14 their intent to seek the transaction.
HMA is a publicly held company that reported $104.05 million in net income on total revenue of $3.418 billion for the first nine months of 2009. The company operates 55 hospitals — including Sparks — in 15 states and employs about 34,000. HMA also operates Summit Medical Center in Van Buren and two Van Buren clinics — Cornerstone Family Clinic and Internal Medicine & Associates.
HMA has named Melody Trimble as the new CEO of Sparks and David Rothenberger as Sparks’ new chief financial officer. Ted Woodrell, Sparks’ current CEO, and Dan Hamman, Sparks’ CFO, are so far the only top Sparks officers to not stay. Woodrell and Hamman are exceptions because they are employees of Brentwood, Tenn.-based Quorum Health Resources which has a management contract with Sparks.
Following is an abridged version of the HMA statement.
Health Management Associates, Inc. (NYSE: HMA) announced today that it has acquired the 492-bed Sparks Health System, located in Fort Smith, Arkansas. The transaction is effective December 1, 2009.
“We are very pleased to welcome the Sparks Health System, its employees and physicians to the Health Management family of hospitals,” said Gary Newsome, Health Management’s President and Chief Executive Officer. “Today marks a new and exciting chapter in health care delivery for the Sparks Health System and the Fort Smith region.”
HMA’s mission is to deliver compassionate and high quality health care services that improve the quality of life for its patients, physicians, and the communities it serves. Through its subsidiaries, Health Management owns and operates 55 hospitals, with approximately 8,400 licensed beds, in non-urban communities located throughout the United States.