Landmark names potential buyer
Only a week after Landmark Medical Center in Woonsocket received permission to accelerate its time table for finding a buyer, the financially strained hospital has signed a “nonbinding letter of intent” with RegionalCare Hospital Partners from Tennessee.
RegionalCare’s primary shareholder is Warburg Pincus, a large private equity firm. According to the press release, the for profit entity intends to invest millions of dollars into Landmark over the next 5 years, including an extensive expansion of its emergency room.
The turn around is rather quick, especially since spokesman Bill Fischer told me last week that Landmark did not have “one bidder that has an advantage over any other.” Landmark’s special master has until April 1st to recommend a new owner.