M&A Roundup: CT's Saint Francis Care to Join Ascension
The nation's largest Catholic health system is expanding.
Saint Francis Care, Inc. in Hartford, CT, has signed a letter of intent to join the for-profit Ascension Health Care Network.
Licensed for 617 beds and 65 bassinets, Saint Francis Hospital and Medical Center is the largest Catholic hospital in New England. Ascension Health Care Network, the nation's first for-profit Catholic health system, is an affiliate of Ascension Health Alliance, the nation's largest Catholic health system.
"This is an important step in advancing the mission of both Ascension Health Care Network and Saint Francis Care," Leo P. Brideau, president/CEO of Ascension Health Care Network, said in prepared remarks.
"We share a common goal of providing high-quality, efficient care that responds to people's physical, emotional and spiritual needs while aggressively advocating for the well-being of our patients and their families, and ensuring healthcare is available to those who are poor and vulnerable. We believe this relationship has the potential to improve healthcare at both the state and regional level."
Specific terms of the agreement are confidential. Ascension Health Care Network subsidiary is a joint venture with Oak Hill Capital Partners that provides alternative funding sources for provider acquisitions.