Renal Advantage and Liberty Dialysis, which last month agreed to combine to form the third largest provider of dialysis services in the U.S., today announced that they have closed their deal. The transaction – terms of which were not disclosed – was completed on December 17, 2010. The combined organization has 5,300 employees serving more than 19,000 patients in 260 locations in 32 states.
"The completion of our deal signals a new era in the dialysis industry, uniting two patient-focused, physician driven and employee-oriented companies with great autonomy to build their brands," said Mark Caputo, founder of Liberty Dialysis and CEO of the combined organization. "This transaction allows us to take advantage of the combined financial strength, purchasing power, and systems investment of two leaders in the industry."
"As we begin a new year with change on the health care horizon, we are well positioned for robust growth in the future through this deal," said Michael D. Klein, who has served as chief executive officer of RAI. "By focusing on the patient, partnering with talented nephrologists, and recruiting the best caregivers, we will optimize patient outcomes through active participation of both patients and caregivers."
Liberty Dialysis has been among the fastest growing dialysis companies for each of the last eight years, achieving 25 percent annual growth rates. Similarly, RAI has nearly doubled in size since its inception over five years ago. To accommodate its rapid growth, RAI has moved 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 are forming a shared services organization supporting the two sister companies.