Caritas Private Equity Owner Expanding to Buy 2 More Community Hospitals in Massachusetts

The original purchase was announced in March of this year and later another hospital in Rhode Island was added to the group. Today we have 2 more being purchases by the Cerberus Group, a private equity firm.

Caritas Christi Health Care Sold to Private Equity Firm Cerberus For $830M – Massachusetts

The ink was barely dry when in August of 2010, the Rhode Island hospital was added. Essent Healthcare of Nashville is the owner of the 2 new hospitals to be purchased, Nashoba Valley and Merrimack Valley hospitals. The article in the Globe also states this leaves only 2 more hospitals that are not non profits in the area. BD

Caritas Christi Health Care Reaches Agreement to Acquire Landmark Medical Hospital in Rhode Island–Private Equity Firm Cerberus Purchased Caritas in March Pending Final Approval

“Cerberus Capital Management, L.P., along with its affiliates, is one of the world's leading private investment firms. Through its team of investment and operations professionals, Cerberus specializes in providing both financial resources and operational expertise to help transform undervalued companies into industry leaders for long-term success and value creation. Cerberus holds controlling or significant minority interests in companies around the world.
Cerberus is headquartered in New York City with affiliate and/or advisory offices in the United States, Europe, the Middle East and Asia.”

Under a tentative sales deal to be unveiled today, Steward Health Care System LLC, the company formed by a New York private equity firm to run the six Caritas Christi Health Care hospitals it acquired last month, has agreed to buy two more community hospitals in the state.

The 124-bed Merrimack Valley Hospital in Haverhill and 57-bed Nashoba Valley Medical Center in Ayer — both owned by Essent Healthcare of Nashville — will be sold to Steward for a price the parties, both private businesses, aren’t disclosing.

That deal, which needs approval from public health regulators, comes a month after Cerberus Capital Management completed its takeover of the Caritas hospitals, including St. Elizabeth’s Medical Center in Brighton and Carney Hospital in Dorchester, in an $895 million transaction.

Caritas owner to buy 2 Massachusetts community hospitals - The Boston Globe