Brentwood, Tennessee – Renal Advantage Inc., the fourth largest provider of dialysis services in the United States, today announced that it has entered into a definitive agreement to acquire the assets of seven dialysis centers currently owned by Riverside Hospital, Inc., a subsidiary of Riverside Health System. The seven facilities are located in Newport News, Williamsburg, Gloucester and Smithfield, Virginia.
Under the terms of the agreement, Renal Advantage Inc. will enter into a 10-year relationship with Riverside that is intended to maintain access to renal care services in the current markets served by Riverside Health System. The transaction is expected to close by the end of June 2006. Other terms of the transaction were not disclosed.
“Our approach to meeting the needs of our patients is consistent with Riverside’s philosophy of providing optimal care through continual quality improvement, staff, patient and family education and state-of-the art technology,” said Michael D. Klein, Chief Executive Officer of Renal Advantage. “Clearly, we are pleased to have this opportunity to increase our footprint in Virginia to 13 facilities through the addition of these seven centers.”
Grady W. (Skip) Philips, III, Senior Vice President of Riverside Health System, added, “We are confident that Renal Advantage will continue the tradition established at these centers for providing quality healthcare while providing Riverside with access to needed renal care services in its current markets. We believe that our partnership with RAI helps to support the healthcare needs of our community through a national provider that aligns the needs of our patients, staff and physicians.”
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