By: NB Law
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Investor Group Agrees to Acquisition of Evergreen Health
BALTIMORE, May 1, 2017 /PRNewswire/ — A group of investors, comprised of JARS Health Investments, Anne Arundel Health System and LifeBridge Health, today announced that it has formally agreed to acquire Evergreen Health.
The stock purchase agreement is pending Evergreen’s final transition to a for-profit company, which the Maryland Insurance Administration is expected to consider in June.
“This agreement with some of Maryland’s most respected health care organizations will ensure Evergreen’s success for many years to come,” said Dr. Peter Beilenson, CEO of Evergreen Health. “I am especially pleased that our new partners share Evergreen’s abiding goal: to provide Maryland residents with the highest-quality services at the most affordable prices.”
“We are proud to be partnering with Evergreen Health and are excited about the Company’s future. Evergreen is poised to become a leading health insurance provider in Maryland. Evergreen now has the finances and partners to compete in the Maryland insurance market. The combined strength of the investors will make Evergreen a new powerhouse that brings competition to the marketplace,” said Dr. Scott Rifkin, one of JARS’s principals.
“The ability to offer insurance products has been a strategic imperative for Anne Arundel Medical Center for more than a decade, as it is an important factor in access to care and leads to improved health status and outcomes for the communities we serve,” said Maulik Joshi, DrPH, Executive Vice President and Chief Operating Officer of Anne Arundel Health System.
“At LifeBridge Health, we believe in the power of partnership to improve the health of people in the communities we serve. We are eager to work with JARS and Anne Arundel Health System to build on what Evergreen has started and to add to the diverse portfolio of health and health-related services that LifeBridge Health provides,” said Neil Meltzer, President and CEO of LifeBridge Health.
JARS is an investment group formed and funded by some of Maryland’s top healthcare executives specifically to support Evergreen Health’s mission of providing health insurance to Maryland residents.
Anne Arundel Health System includes a 380-bed not-for-profit hospital (Anne Arundel Medical Center), a medical group, imaging services, a substance use treatment center, and health enterprises. In addition to a 95-acre Annapolis campus, Anne Arundel Medical Center has outpatient pavilions in Bowie, Kent Island, Odenton, Pasadena and Waugh Chapel.
LifeBridge Health is one of the largest, most comprehensive providers of health services in Maryland. LifeBridge Health includes Sinai Hospital, Northwest Hospital, Carroll Hospital, Levindale Hebrew Geriatric Center and Hospital, and related subsidiaries and affiliates.
Evergreen Health was represented by Funk and Bolton. The investors were represented by Nemphos Braue LLC, Neuberger Quinn Gielen Rubin Gibber P.A. and Epstein Becker Green P.C.