MultiCare Has Signed an Agreement to Acquire a Majority Ownership Interest in Capital Medical Center
January 27, 2021
MultiCare Health System has reached an agreement with an affiliate of LifePoint Health to acquire its majority ownership interest in Capital Medical Center. UW Medicine owns a small interest in CMC that MultiCare will also acquire as part of this transaction. The definitive agreement was signed in December 2020, with a closing expected in early 2021, subject to regulatory approvals.
Capital Medical Center is a 107-bed community hospital that opened in 1985 and serves communities in Olympia, as well as Thurston, Mason, Lewis, and Grays Harbor counties. CMC is currently owned through a partnership among LifePoint, community physicians, and UW Medicine.
MultiCare is a not-for-profit health care organization that has been caring for communities in Washington state since the founding of Tacoma’s first hospital in 1882. MultiCare has grown from a Tacoma-centric, hospital-based organization into the largest, not-for-profit, community-based, locally-governed health system in the state of Washington. MultiCare currently operates 10 hospitals in both the greater Puget Sound and Inland Northwest Regions of Washington.
Cain Brothers served as the exclusive financial advisor to MultiCare Health System.
LifePoint Health was founded in 1999 on the idea that everyone deserves quality healthcare close to home and that strong healthcare creates strong communities. LifePoint currently operates 88 hospitals in 29 states and is owned by Apollo Management (NYSE: APO).