LOUISVILLE, Ky., October 25, 2021--(BUSINESS WIRE)--Kindred Healthcare, LLC ("Kindred" or the "Company") today announced that, following completion of the sale to LifePoint Health, Benjamin A. Breier, Chief Executive Officer, will depart Kindred as a result of the transaction.
D. Scott Mackesy, Chairman of Kindred’s Board of Directors and Managing Partner at Welsh, Carson, Anderson & Stowe ("WCAS"), said, "Ben is an exceptional leader who has overseen one of the most transformative and successful periods in Kindred’s history. With a deep commitment to the patients Kindred serves, Ben has fostered innovation and intentional disruption, and presciently repositioned Kindred’s portfolio ahead of industry trends."
"Ben is a strong advocate for the rapidly growing aging population, and under his leadership, Kindred has led the nation in expanding access to high-quality, cost-effective post-acute care," said Jeff Rhodes, Co-Managing Partner at TPG Capital and member of Kindred’s Board of Directors. "In Ben, we found a partner who shares our patient-first approach and commitment to clinical excellence. We thank him for his dedication and know his work will continue to impact the healthcare community for years to come."
"It has been an honor to lead Kindred and the Company’s dedicated team members," said Mr. Breier. "Together, we have built Kindred into the nation’s leading specialty hospital company, with a reputation for delivering compassionate, quality care that improves patient outcomes. Kindred is a strong corporate citizen and will remain a pillar of the Louisville business community, creating jobs for the local economy and continuing to drive innovation in healthcare. I am proud of all we have accomplished and look forward to watching the Company’s continued success."
As announced in June 2021, LifePoint Health and Kindred Healthcare have entered into a definitive agreement for LifePoint to acquire Kindred. Upon the completion of regulatory approvals and satisfaction of customary closing conditions, the acquisition is expected to be completed by the end of the year. Mr. Breier’s departure is conditioned upon the close of the transaction.
About Benjamin A. Breier
Benjamin A. Breier joined Kindred in August 2005 as President of the Rehabilitation Division and was named President of the Company’s Hospital Division in March 2008. He was promoted to Chief Operating Officer in August 2010 and assumed the additional responsibilities of President in May 2012. Mr. Breier was named Chief Executive Officer in March 2015.
Throughout Mr. Breier’s tenure at Kindred, he has strategically deployed capital to create leading scaled businesses and position the Company’s portfolio for long-term success. In 2011, Kindred acquired publicly traded RehabCare, creating the largest rehabilitation provider in the United States. In 2015, Kindred acquired Gentiva Health Services and became the largest provider of home health and hospice services in the country. The 2015 acquisition of Centerre created one of the nation’s largest inpatient rehabilitation facility platforms. In 2017, Kindred divested its skilled nursing facility business.
In July 2018, then publicly traded Kindred was acquired by Humana, TPG Capital, the private equity platform of global alternative asset firm TPG, and Welsh, Carson, Anderson & Stowe in a transaction that created two private companies: specialty hospital company Kindred Healthcare, and home health company Kindred at Home. At the time of the acquisition, Kindred had revenues of more than $7.5 billion, more than 100,000 employees and served more than one million patients per year across 47 states.
Over the course of the partnership with WCAS and TPG Capital, Kindred expanded its clinical capabilities and grew its services in high-demand areas like behavioral health. In December 2020, Kindred completed the sale of its RehabCare business to Select Rehabilitation, solidifying the Company’s position as a leading provider of hospital-level, patient-driven solutions for the most medically complex patients.
Modern Healthcare magazine named Mr. Breier one of the 100 Most Influential People in Healthcare on three occasions and in 2010 recognized him as one of the young leaders aged 40 and under making a difference in healthcare. In September 2021, Mr. Breier was inducted into Business First’s Forty Under 40 Hall of Fame, in recognition of his impact and legacy of leadership both in the community and across the nation. Business First also named Mr. Breier one of the top Power50 in 2021, the Health Care Leader of the Year in 2015, and the Excellence in Business Leadership honoree in 2018.
About Kindred Healthcare
Kindred Healthcare, LLC is the nation’s leading specialty hospital company delivering acute health services in its long-term acute care hospitals, inpatient rehabilitation hospitals, acute rehabilitation units, and behavioral health line of business, all specializing in treating the most medically complex patients. Based in Louisville, Kentucky, and ranked as one of Fortune magazine’s Most Admired Healthcare Companies for nine years, Kindred’s mission is to help our patients reach their highest potential for health and healing with intensive medical and rehabilitative care through a compassionate patient experience. For more information, go to www.kindredhealthcare.com. You can also follow us on Facebook, LinkedIn, and Twitter.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211025005644/en/
Susan E. Moss
Senior Vice President, Marketing and Communications