The private equity firm Kinderhook Industries has acquired Stewardship Health, the physician network of Steward Health Care, for $245 million.
The acquisition has been approved by the U.S. Bankruptcy Court for the Southern District of Texas and has received regulatory approval from federal authorities.
Rural Healthcare Group (RHG), which operates clinics in Tennessee and North Carolina, plans to rebrand the consolidated entity as Revere Medical. The acquisition expands Stewardship's reach, adding a network of 5,000 providers across nine states and managing care for approximately 400,000 lives.
Revere Medical intends to invest in the infrastructure of Stewardship to maintain local access to care. The acquisition also separates Steward Medical Group and Steward Health Care Network from Steward's hospital system.
The Massachusetts Health Policy Commission (HPC) will conduct a review of the transaction to assess its impacts on healthcare costs, quality, access, and equity. RHG's acquisition of Steward Medical Group and Steward Health Care Network is yet to receive formal notice from the HPC.
The sale of Stewardship Health reflects a commitment to local healthcare delivery and the focus on value-based care and managing complex patient populations.