🔒California acquirer completes Central Maine Healthcare deal

A little more than a year after Prime Healthcare Foundation agreed to buy Central Maine Healthcare, the California-based nonprofit has closed the transaction. The deal, which received the conditional green light from Maine regulators this past December, extends the nonprofit’s footprint to 21 hospitals across eight states and marks its first foray into Maine. The buyer originally put a two-year timeline on completing the deal, whose financial terms were not disclosed. All Central Maine Healthcare hospitals and facilities will retain their current names and local leadership. The new owner has also pledged to honor existing provider and physician contracts to ensure continuity of care. Included in the transaction are Central Maine Medical Center in Lewiston, Bridgton Hospital, Rumford Hospital, Rumford Community Home, Bolster Heights, the Maine College of Health Professions, Central Maine Health Care’s Cancer Care Center and more than 40 physician practices. “Prime Healthcare Foundation was selected to steward these hospitals into the future after a comprehensive evaluation of mission alignment, value and demonstrated success investing in hospitals that serve vulnerable communities,” said Devore Culver, board chairman at Central Maine Healthcare. “Following regulatory review and careful diligence, we are confident this partnership secures a stable, vibrant future for health care in central Maine,” he added.

Investment plans

Prime Healthcare Foundation said it will invest $150 million over the next five years to strengthen Central Maine Healthcare’s facilities, services and infrastructure in Maine and will continue and expand services based on community needs. It also pledged to “retain substantially” all of Central Maine Healthcare’s employees. “Prime Healthcare Foundation believes that access to high-quality health care and medical education uplifts communities, brings hope, and improves lives,” said Dr. Kavitha Bhatia, the group’s president and chair. “We are honored to extend our mission to the communities of Maine and are committed to preserving Central Maine Healthcare’s legacy, expanding educational opportunities and ensuring compassionate, equitable care for generations to come,” she added.