Owning 10 acute-care hospitals across the Southeast, CHS completes its initial public offering of 2.1 million shares of common stock. The six-year-old company’s stock is priced around $16 per share and raises $31 million in net proceeds.

The ‘90s provide ripe conditions for CHS. As rural community hospitals begin to struggle, the E. Thomas Chaney-led company makes a major play by acquiring Hallmark Healthcare, of Atlanta, in 1994. The move raises CHS’s count to 18 hospitals.

In 1996, CHS will be purchased by an affiliate of Forstmann Little & Co. and taken back to the private sector. It will next become public again in 2000.