PLANO, Texas, Jan. 21 Legacy Hospital Partners, Inc.(Legacy), a privately held hospital company that will own, operate and manageacute care hospitals in small cities and in select urban markets throughoutthe United States, commenced business today. Dan Moen, Legacy chief executiveofficer, said the Plano, Texas-headquartered company will proceed with aunique strategy of acquiring hospitals through joint ventures with not-for-profit hospital companies. Legacy is owned by affiliates of private equityfirm CCMP Capital Advisors, LLC (CCMP Capital) and the Canada Pension PlanInvestment Board (CPPIB) as well as members of management. CCMP Capital'sinvestment in Legacy is being led by Managing Director Nancy-Ann DeParle,former administrator of the Health Care Financing Administration, now theCenters for Medicare and Medicaid Services. Legacy's board of directors ismade up of distinguished not-for-profit and for-profit hospital executives,individuals with extensive healthcare experience and representatives frommanagement and the financial sponsors.
"I know that a private hospital company can be successful by having aculture and strategy that balances the needs of its hospital communities withthose of its sponsors," said Dan Moen, chief executive officer, LegacyHospital Partners, Inc.
Legacy's mission is to continuously improve the quality of healthcareservices provided to its patients by creating a collaborative culture thatemphasizes improving the health of patients by always focusing on their needs;fosters physician participation and involvement in hospital decision making;involves local leaders in the governance of each facility; and recognizes thevalue and contributions of employees.
Each Legacy hospital will have a local board of trustees to provide adviceand consultation with respect to various issues. At least half of the trusteesare expected to be physicians from the respective Legacy hospital medicalstaff while the balance are expected to be comprised of local communityleaders.
"Legacy's local hospital boards will be responsible for overseeinghealthcare within the community," said James D. Shelton, chairman of theboard, Legacy Hospital Partners, Inc. "We believe that the quality of patientcare is enhanced when healthcare decisions are made locally."
"By empowering each local hospital board of trustees to make importantdecisions, we are building collaboration and accomplishing our goalstogether," Shelton commented.
Stephen Murray, president and chief executive officer, CCMP Capital,added, "Legacy's management team has more than 160 years of combinedexperience. They understand what physicians and employees do every day and asa result have a unique perspective that many in the industry do not have."
"We all grew up in the industry, and it's important to us," Shelton said."We strive every day to build collaboration among the ranks - to work togetherto create an environment where physicians and staff want to work, which, inturn, creates better care for patients."
About Legacy Hospital Partners, Inc.
Legacy Hospital Partners, Inc. is a privately held company that will own,operate and manage acute care hospitals in small cities and select urbanmarkets throughout the United States. Headquartered in Plano, Texas, andestablished in January 2008, Legacy is owned by affiliates of private equityfirm CCMP Capital Advisors, LLC and the Canada Pension Plan Investment Boardas well as members of management. For more information, visitwww.LegacyHospitalPartners.com .
About CCMP Capital Advisors, LLC
CCMP Capital Advisors, LLC is a leading global private equity firmspecializing in buyouts and growth equity investments in companies rangingfrom $500 million to over $3 billion in size. CCMP Capital's founders haveinvested more than $12 billion since 1984 in five primary industries:consumer, ret