Mechanicsburg, Pa.-based Select Medical has been acquired for $3.9 billion by a consortium led by its co-founder and executive chairman Robert Ortenzio.
With the close of the acquisition, Select Medical has become a privately held company, according to a June 30 news release. Select Medical is no longer listed on the New York Stock Exchange as of July 1.
The consortium maintains effective and operational control of the organization and its subsidiaries and now has a majority economic interest in the company, according to the release.
The consortium is also led by Select Medical Senior Executive Vice President of Strategic Finance and Operations Martin Jackson and private equity firm Welsh, Carson, Anderson & Stowe.
Select Medical’s current officers, including Mr. Ortenzio and Mr. Jackson, are continuing to lead the organization in their respective roles following the closing.
As of March 31, Select Medical operated 103 critical illness recovery hospitals in 28 states; 41 rehabilitation hospitals in 15 states; and 1,912 outpatient rehabilitation clinics in 37 states and Washington, D.C.
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