Liberty Dialysis and Renal Advantage have agreed to merge their parent companies becoming the third largest provider of dialysis services in the U.S., serving over 19,000 patients in 260 locations in 32 states. The transaction – terms of which were not disclosed – is expected to close by Dec. 31, 2010.
Mark Caputo, Chief Executive Officer of Liberty Dialysis, stated, “This merger unites two patient-focused, physician-driven and employee oriented companies with the autonomy to build their unique brands while taking advantage of the combined financial strength, purchasing power, and systems investment of two of the fastest growing companies in the dialysis industry.”
Caputo continued, “Our guiding principles of providing patient-focused care, partnering with talented nephrologists, and recruiting and retaining the best caregivers allow us to optimize patient outcomes through active participation of both patients and caregivers.”
“In this changing health care environment, we are very excited about joining with Liberty Dialysis and combining the robust growth that RAI and Liberty have achieved during the past five years,” said Michael D. Klein, Chief Executive Officer of RAI. “Our two philosophically aligned cultures will enable us to generate valuable synergies while allowing our exceptional teams to remain nimble and responsive to our customers.”
Caputo added, “Our management teams have known each other for years, building consensus on numerous public policy issues. Our full expectation is that our teams will continue to work well together in the years to come.”
Liberty Dialysis has been amongst the fastest growing dialysis companies for each of the last eight years, achieving 25% annual growth rates. Similarly, RAI has nearly doubled in size since its inception five years ago. To accommodate its rapid growth, RAI is moving into a new 54,000 square foot office building in the McEwen Building in Franklin, Tenn., a suburb of Nashville. RAI will consolidate its existing corporate offices into this one location, improving efficiency while providing for its growth needs for the future. Liberty’s existing administrative offices in conjunction with RAI’s shall form a shared services organization supporting the two sister companies.