Texas Health, LHP team to acquire Jones medical center
Not-for-profit Texas Health Resources, Arlington, and for-profit LHP Hospital Group, Plano, Texas, announced that they have formed a joint venture that has acquired 215-bed Wilson N. Jones Medical Center, Sherman, Texas. The deal includes a $25 million capital commitment over the next four years, but other financial terms were not disclosed. The hospital has been renamed Texas Health Presbyterian HospitalWNJ. Texas Health holds a majority stake in the joint venture; LHP will manage the hospital. Texas Health and the management team of LHP are well-acquainted. Douglas Hawthorne, Texas Health’s CEO, has been a director of LHP since its 2008 founding. Most of LHP’s management team used to run Triad Hospitals, Plano, Texas, which formed a joint venture with Texas Health to build and operate Presbyterian Hospital of Denton (Texas). After Community Health Systems, Franklin, Tenn., bought Triad Hospitals in July 2007, Texas Health later bought out Community’s stake in the hospital.