PLANO, Texas and JONESBORO, Ark., June 7 U.S. Renal Care, Inc. (USRC), a leading privately-held provider of outpatient dialysis services, today announced that it has completed its $110.25 million acquisition of Dialysis Corporation of America, Inc. (Nasdaq: DCAI) (DCA), a leading provider of outpatient kidney dialysis services. With this acquisition, USRC will provide dialysis services to approximately 5,500 patients and operate 84 dialysis centers, home and specialty hospital dialysis programs and facilities in nine states: Arkansas, Georgia, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, and Virginia.
"This transaction represents a major milestone for our organization as we transition from being a regional provider to a national leader," said Chris Brengard, Chief Executive Officer of U.S. Renal Care. "DCA is a top tier company in our industry and from the start of this transaction we have been excited about the many benefits of combining our companies. We look forward to working with the DCA physicians, employees and team leaders to make the transition to a unified company seamless."
"By broadening our geographic footprint, we are extending our high-quality dialysis care to thousands more patients suffering from chronic and acute renal disease," said Brengard. "As we continue to provide best-in-class patient care, we will look for additional opportunities to strategically grow our business and improve our programs."
The acquisition of DCA is the latest in a series of achievements for USRC. During the past five years, USRC has raised over $75 million in equity capital, including $25 million in new equity in 2010 to complete its tender offer for DCA. Since 2005, USRC's funding has come from the Company's management and several leading investment firms including SV Life Sciences, Cressey & Company, Salix Ventures, and Select Capital Ventures.
"I am very proud of the business we built at DCA," said Thomas K. Langbein, former Chairman of the Board of DCA. "I thank our shareholders who can be proud to have been part of DCA's success. I thank our employees and our physicians for contributing to our growth and success. Given the compatibilities of the two companies, the integration of DCA with USRC will be a smooth and efficient transition."
With shared values and a mission to provide best-in-class renal care, USRC and DCA are well-matched. "As a company, we put the needs of our patients first," said Stephen Everett, former President and CEO of DCA. "This philosophy has fueled our growth. I am grateful to the physicians and employees of DCA who ensured the company never lost sight of our patient-centric values. USRC is the perfect match for DCA's culture, philosophy, and commitment to exemplary patient care. There is no doubt that the future is bright for USRC, our combined physicians and staff."
USRC was founded in Jonesboro, Arkansas in 2000 by Chris Brengard and is recognized as a leader in establishing joint ventures with nephrologists for the operation outpatient treatment centers for individuals suffering from chronic kidney failure. In 2006, the company moved its headquarters to Dallas, Texas, though its executive offices and certain other key business functions still operate in Arkansas.
About U.S. Renal Care, Inc.
Founded in 2000 by an experienced team of healthcare executives, U.S. Renal Care, Inc. works in partnership with nephrologists to develop, acquire, and operate outpatient treatment centers for persons suffering from chronic kidney failure, also known as End Stage Renal Disease. The company provides patients with their choice of a full range of quality in-center, acute or at-home hemodialysis and peritoneal dialysis services. U.S. Renal Care operates dialysis programs in Arkansas, Texas, Georgia, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, and Virginia. For more information on U.S. Renal Care, Inc. visit www.usrenalcare.com.
SOURCE U.S. Renal Care, Inc.