$33M lifesaver: Houston hospital sold to Foundation HealthCare Inc.$33M lifesaver: Houston hospital sold to Foundation HealthCare Inc.https://www.recenter.tamu.edu/news/newstalk-texas/?Item=116562016-01-06T06:00:00Z2016-01-06T17:00:00Z

​​HOUSTON - Foundation HealthCare Inc. has acquired Houston’s University General Hospital, which filed for bankruptcy protection nearly a year ago.

Foundation bought University General for $33 million in a court-approved sale.

The 69-bed hospital, at 7501 Fannin St., will immediately be rebranded as Foundation Surgical Hospital of Houston.

There are Foundation Surgical Hospital locations in San Antonio and El Paso, and the company has surgery centers and sleep centers in multiple states.

A consortium of banks led by Texas Capital Bank provided funding for the deal, while First Financial Corporate Leasing LLC provided equipment financing.

For the 12 months ended September 30, Foundation reported $124.8 million in net revenue. University General reported net revenue of more than $70 million for 2014, according to Foundation’s release.

Houston Business Journal
Houston-The Woodlands-Sugar Land
http://www.bizjournals.com/houston/news/2016/01/05/houston-hospital-sold-after-bankruptcy-proceedings.htmlRead more at {Source}

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