November 25, 2009 (FinancialWire) — RehabCare Group, Inc. (NYSE: RHB) said it has completed its merger with Triumph HealthCare Holdings, Inc., a developer and operator of long-term acute care hospitals in the U.S.

The transaction is RehabCare’s largest investment to date toward the development of its hospital operations and its strategic plans of creating post-acute continuums of care in markets across the country.

RehabCare said the combined organization delivers post-acute services in more than 1,280 locations in 41 states and represents the fourth largest post-acute hospital operator and the third largest LTACH provider in the U.S.

Brock Hardaway, Triumph HealthCare president and chief operating officer, will lead the combined company’s LTACH business, under the direction of RehabCare senior vice president of Hospital Operations Kevin Gross. Hardaway joined Triumph HealthCare in 2005 and previously managed the operations of over 30 hospitals at Select Medical Corp..

The company stated that the transaction is being financed through a combination of committed bank financing, the net proceeds of the equity offering that closed on November 18, 2009, and cash on hand. Concurrent with the closing of this transaction, the company closed on a new senior secured credit facility consisting of a $450.0 million term loan B facility and a $125.0 million revolving credit facility.

St. Louis-based RehabCare is a national provider of post-acute services, managing rehabilitation programs in partnership with over 1,250 hospitals and skilled nursing facilities in 41 states and owning and operating 33 rehabilitation and long-term acute care hospitals.

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