Plymouth Health News

Original Press Release

Plymouth Health Signs Definitive Agreement to Purchase Alvarado Hospital Medical Center
Sale Would Keep Doors Open at Emergency Room and 311-Bed Hospital with 30 Years of Service to San Diego County
SAN DIEGO, October 27, 2006 — Plymouth Health, a newly formed physician-owned company, announced today it has signed a definitive agreement to purchase Alvarado Hospital Medical Center from a subsidiary of Tenet Healthcare Corporation (NYSE: THC).
          Financial terms of the deal were not disclosed by Plymouth, and the transaction will not conclude for 60 to 90 days, following completion of Plymouth’s due diligence and normal regulatory and closing requirements. Plymouth Health, based in California, is a physician-owned company formed specifically to acquire and operate Alvarado Hospital Medical Center. The company will continue operating Alvarado as an acute care facility and maintain its 24-hour emergency room services. more...

Recent Relevant Media Stories

Ownership Change Helps Morale at Alvarado, But Challenges Are Ahead - San Diego Union Tribune - January 7, 2007
As others toasted the dawn of a new year at the stroke of midnight Monday, Pejman and Pedram Salimpour roamed the halls of their newly acquired business, Alvarado Hospital.
          In truth, the Los Angeles pediatrician brothers had effectively taken over operations at the hospital in San Diego's College Area neighborhood well before their investment group completed its $22.5 million purchase of the facility from Dallas-based Tenet Healthcare on New Year's Day. more...

Group Strikes Deal To Acquire Tenet’s Alvarado Hospital - California Healthfax - January 2, 2007
SAN DIEGO — Complying with the terms of its settlement agreement with the U.S. Department of Justice, Dallas-based Tenet Healthcare Corp. reached a deal to sell Alvarado Medical Center in San Diego to Los Angeles-based Plymouth Health. Owned in part by brothers Pejman Salimpour, M.D. and Pedram Salimpour, M.D., Plymouth Health was created specifically for the purpose of acquiring Alvarado. The brothers are also the owners of CareNex Health Services, a Los Angeles-based healthcare technology company. more...

Up to the Challenge - San Diego Union Tribune - December 26, 2006
Turning around Alvarado Hospital won't be easy, but brothers say their past has prepared them.
Pedram Salimpour's piano lessons ended in 1979 within weeks of the fundamentalist Islamic revolution that overthrew the shah of Iran and installed radical clerics as the nation's leaders.
          The 10-year-old even had to stop playing the piano in his Tehran home out of fear that spies would hear the music and report the family to revolutionary courts for violating the new ban on Western music. more...

Group Led by Doctors to Acquire Alvarado - San Diego Union Tribune - October 28, 2006
Two brothers to keep most of hospital's staff.
The two pediatrician brothers leading an investment group that plans to buy Alvarado Hospital Medical Center for $36.5 million say they have the financial backing to overhaul the troubled San Diego hospital and to keep it open for years to come.
          “We fully recognize that Alvarado has gone through some difficult times,” Dr. Pejman Salimpour said yesterday. “We are committed to making sure that its physicians and nurses will have what they need to provide excellent care.” more...

Sibling Doctors Launch Plymouth Health, Purchase Alvarado Hospital - San Diego Business Journal - November 6, 2006
Tenet Healthcare signed an agreement to sell Alvarado Hospital Medical Center for $36.5 million to Plymouth Health, a company formed by two brother doctors specifically to purchase the hospital.
          The announcement was made early Oct. 27, and the 300-bed hospital will continue operating as an acute care facility with a 24-hour emergency room, according to both Tenet and Plymouth. more...

Plymouth Health Announces Purchase of Alvarado Hospital Medical Center - NC Times - October 27, 2006
SAN DIEGO - A physician-owned company announced today it is purchasing Alvarado Hospital Medical Center from Tenet Healthcare Corp.
          Plymouth Health plans to continue operating the hospital as an acute care facility, maintain its 24-hour emergency room services and offer "employment to substantially all current employees in good standing." more...

Omninet Plunges into Health Care - San Diego Union Tribune - December 2, 2006
Venture capital to revive Alvarado.
A Beverly Hills venture capital firm headed by a family that made its fortune in Qualcomm stock is providing the financial muscle behind the pending acquisition of San Diego's Alvarado Hospital.
         The investment by Omninet Capital is its first in a health care company and a departure from its more typical high-tech and communications ventures. more...