Evergreen Health to become 'for-profit' in Maryland after acquisition
In-focus / iStock
Investors JARS Health Investments, Anne Arundel Health System and LifeBridge Health, have formally agreed to acquire Evergreen Health, a healthcare provider based in Maryland.
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 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."
Scott Rifkin, a principal at JARS, added: “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.”
Evergreen Health, M&A, JARS Health Investments, Anne Arundel Health System, LifeBridge Health, US