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Private equity firm to buy Summa Health for $485M
HealthExec November 11, 2024
Ohio-based Summa Health confirms its acquisition by a private equity firm, nearly a year after the buyout was initially proposed.
According to an announcement, venture capital firm General Catalyst will purchase the 1,300-bed health system for $485 million. Once the deal is approved by regulators, Summa Health will operate under the banner of General Catalyst’s Health Assurance Transformation business (HATco), which includes a network of some 20 health systems.
HATco has pledged to invest $550 million in Summa Health over the next seven years to bolster routine operations and support technology investments. The sale will also wipe out the existing debt of Summa Health, which totals around $850 million.
It’s not entirely clear how business operations at Summa Health,...
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