Investment firm plans to acquire Houston hospital
A Houston-based investment firm has acquired a local hospital and will restore inpatient services that its former owner, Nashville-based HCA, ended last year, according to a news release from the firm. Terms were not disclosed. McVey & Co. Investments plans to operate Spring Branch Medical Center through a new subsidiary, SBMC Healthcare. McVey expects to reopen with 50 inpatient beds and then expand to 200 beds next year, according to the release. The hospital staffed for 160 beds when HCA shut down inpatient services last year. Only 40 of the 509 full-time employees at the time remained at the facility, to manage outpatient programs that have continued to operate on the site. More than 100 physicians are in the credentialing process, and more are being recruited, according to the release. McVey invests in energy, healthcare and real estate. The firm is pursuing another hospital acquisition in Houston and hopes to complete the deal this year, said David Arpin, a consultant to McVey. Arpin said he could not name the hospital because of a nondisclosure agreement.