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Apollo Medical Holdings Acquires 50% Stake in Los Angeles French Hospital for USD 17m
Wednesday 11 July 2018

11 July 2018 – US-based Network Medical Management (NMM) and Allied Pacific of California, affiliates of California, US-based population health management company Apollo Medical Holdings, Inc. (NASDAQ: AMEH), have acquired a 50% ownership stake in Los Angeles-based French Hospital for USD 17m, the company said.
ApolloMed partnered on the acquisition with AHMC Healthcare, which operates seven hospitals in Los Angeles County and Orange County.
The total cost of the 2.5-acre, 90,000-square foot facility was USD 33m.
ApolloMed and AHMC plan to convert the facility into an integrated care centre that can provide coordinated, patient-centreed care and maintain needed health care services for the community.
Apollo Medical Holdings is a physician-centric integrated population health management company, which, together with its subsidiaries, including a Next Generation Accountable Care Organization (NGACO), and its affiliated Independent Physician Associations (each, an IPA), are working to provide coordinated, outcomes-based, high-quality medical care in a cost-effective manner.
The French Hospital, the oldest hospital in Los Angeles, was established in 1860 during a smallpox scare to serve the French community who lived in Los Angeles at the time, was acquired from the non-profit Societe Francaise De Bienfaisance Mutuelle De Los Angeles.
The hospital closed in November 2017 after its operators chose not to renew the lease with the French society because state law required the facility to complete nearly USD 100m of earthquake renovations.
Details
Date Published: 11/07/2018
Target: French Hospital/50% stake
Country: USA
Deal Size: 17m (USD)
Sector: Healthcare
Type: JV
Financing: Cash
Status: Closed
Vendor:
Buyer: Network Medical Management, Allied Pacific of California
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