Avanti Hospitals, LLC Enters Into Agreement to Acquire Coast Plaza Hospital

NORWALK, Calif., March 24, 2011 /PRNewswire/ -- Coast Plaza Hospital and Avanti Hospitals, LLC are pleased to announce that they have entered into a definitive purchase agreement whereby Avanti will acquire Coast Plaza Hospital, making the Norwalk facility the fourth hospital in Los Angeles County to join the Avanti family. Through its affiliates, Avanti currently owns or operates Memorial Hospital of Gardena, East Los Angeles Doctors Hospital, and Community Hospital of Huntington Park. The Coast Plaza transaction is anticipated to close in early May, 2011.

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"Coast Plaza was built upon the vision of delivering quality, affordable health care that positively impacts the communities for which it provides. It was paramount for us to find a buyer that understands our philosophy," explained Craig Garner, CEO of Coast Plaza.  "In today's health care market, the public is best served by larger, multi-hospital conglomerates who have access to the resources necessary to bring quality care to those in need. With this in mind, we expect Avanti will ensure that Coast Plaza continues to provide top-tier healthcare services under their aegis for many years to come."

"Coast Plaza Hospital, its medical staff, and its employees have a long-standing tradition of providing high-quality healthcare services in a patient-focused environment," stated Joel Freedman, Avanti's President. "For the past 20 years, the Garner family has operated the hospital with grace and a firm commitment to meeting the healthcare needs of Norwalk and its surrounding areas. We are pleased to have the opportunity to build on the great legacy of community support that has already been established by Coast Plaza Hospital."

Throughout the course of the transaction and beyond, the hospital will continue to provide its community with uninterrupted access to healthcare, offering the same basic and emergency services with the level of excellence patients have come to expect from Coast Plaza Hospital. "Most importantly, we have been assured that nothing will change for our patients who are seeking care or scheduled for surgeries and other procedures," Garner emphasized.

"Avanti's mission is to build a hospital system that stands as an innovative leader in quality of care, operational efficiency, patient satisfaction, financial strength, and community contribution," Freedman said. "Considering its outstanding physicians and nurses, committed staff, and terrific location, Coast Plaza Hospital is the perfect complement to our regional community hospital network."

SOURCE Avanti Hospitals, LLC

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