Ascension Health in St. Louis has formed a joint venture with New York City-based Oak Hill Capital Partners to buy Catholic hospitals and health systems, according to a Milwaukee Journal Sentinel report.
Leo Brideau, former chief executive of Ascension-owned Columbia St. Mary's, will oversee the acquisitions.
Ascension Health, the largest U.S. Catholic healthcare system, and Oak Hill Capital Partners, a private equity firm, created the Ascension Health Care Network to buy the hospitals. The joint venture aims to prevent failing Catholic hospitals from selling to private equities and for-profit organizations, which would violate their mission as a Catholic healthcare provider. One such sale occurred when the private equity firm Cerberus Capital Management bought the Catholic healthcare system Caritas Christi Health Care in Boston.
As part of the joint venture agreement, Ascension Health is guaranteed a certain stake in the hospitals so that local bishops maintain their rights and that the hospitals follow the church's teachings, particularly to provide care to those in need.
"There's a potential here for us to really save Catholic health care," said Anthony Tersigni, president and chief executive of Ascension Health.
Read the Milwaukee Journal Sentinel report on Ascension Health and Oak Hill Capital Partners.
Read more coverage on Ascension Health:
- Ascension Health Names Indianapolis' St. Vincent Health CEO Vincent Caponi Wisconsin Ministry Market Leader
- Fifth Lawsuit Filed Against BCBS Michigan, Ascension Health, 21 Michigan Hospitals
- CEO of Milwaukee's Columbia St. Mary's Health System to Leave for Ascension
Leo Brideau, former chief executive of Ascension-owned Columbia St. Mary's, will oversee the acquisitions.
Ascension Health, the largest U.S. Catholic healthcare system, and Oak Hill Capital Partners, a private equity firm, created the Ascension Health Care Network to buy the hospitals. The joint venture aims to prevent failing Catholic hospitals from selling to private equities and for-profit organizations, which would violate their mission as a Catholic healthcare provider. One such sale occurred when the private equity firm Cerberus Capital Management bought the Catholic healthcare system Caritas Christi Health Care in Boston.
As part of the joint venture agreement, Ascension Health is guaranteed a certain stake in the hospitals so that local bishops maintain their rights and that the hospitals follow the church's teachings, particularly to provide care to those in need.
"There's a potential here for us to really save Catholic health care," said Anthony Tersigni, president and chief executive of Ascension Health.
Read the Milwaukee Journal Sentinel report on Ascension Health and Oak Hill Capital Partners.
Read more coverage on Ascension Health:
- Ascension Health Names Indianapolis' St. Vincent Health CEO Vincent Caponi Wisconsin Ministry Market Leader
- Fifth Lawsuit Filed Against BCBS Michigan, Ascension Health, 21 Michigan Hospitals
- CEO of Milwaukee's Columbia St. Mary's Health System to Leave for Ascension