Cumberland Medical Center has merged with Covenant Health
Ponder & Co. is pleased to announce Cumberland Medical Center (“CMC”) has merged with Covenant Health (“Covenant”). CMC became the ninth hospital in Covenant’s network, significantly expanding Covenant’s reach into Cumberland County, Tennessee.
Cumberland Medical Center
CMC, located in Crossville, Tennessee, is a 189-bed sole community acute care hospital founded in 1950. CMC, with all private rooms and 95 highly skilled physicians, offers an in-house cardiac cath lab, inpatient dialysis, general surgery, orthopaedics and various other surgical services, as well as cancer care through a previous affiliation with Covenant’s Thompson Cancer Survival Center.
Headquartered in Knoxville, Tennessee, Covenant Health provides comprehensive healthcare services throughout East Tennessee. Covenant includes eight acute care hospitals in East Tennessee. It also includes Peninsula Hospital, a psychiatric hospital in East Tennessee’s Blount County, and numerous outpatient services and clinics. Covenant is a community-owned organization governed by a voluntary board of directors composed of community leaders and physicians. The system is the largest employer in the Knoxville area and has more than 10,000 employees, affiliated physicians and volunteers.
Ponder’s M&A Group advised CMC on the merger and negotiated the terms and conditions of the transaction. As part of the transaction, CMC received capital commitments, continued representation in governance and other commitments designed to enhance healthcare services in Cumberland County.
Ponder & Co.
Ponder & Co. provides M&A and capital advisory services to more than 150 non-profit hospital and healthcare system clients. Ponder has completed more than 100 M&A engagements involving acute and specialty hospitals, senior health and housing facilities, long-term acute care facilities, ambulatory surgery centers and behavioral health facilities. Transactions have ranged from $4 million to $1.5 billion in value.
Ponder’s M&A services include:
- Strategic option assessments
- Partnerships and joint ventures
- Mergers, acquisitions and divestitures
- Business valuations and fairness opinions
- Board and special committee assignments
- Real estate transaction services