Normal Catalyst subsidiary HATCo plans to amass Summa Well being
US-based enterprise capital agency Normal Catalyst's subsidiary Well being Assurance Transformation Company (HATCo) has introduced a non-binding letter of intent to amass healthcare firm Summa Well being.
HATCo goals to capitalize on Summa Well being's built-in healthcare system to drive healthcare innovation and enhance affected person outcomes in Better Akron, Ohio.
The deliberate acquisition will create a brand new construction by which Summa Well being will turn out to be a for-profit entity.
A group basis can even be established to additional Summa Well being's efforts to put money into social determinants of well being to profit sufferers within the Better Akron area.
HATCo CEO Dr. Marc Harrison mentioned: “The present nationwide healthcare system is fragmented and creates obstacles to care and wellbeing.
“Working with Summa Well being, we wish to show {that a} mannequin that’s higher for sufferers will also be good for enterprise and create a blueprint for different techniques and communities.”
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The 2 corporations have entered a due diligence part, which is able to enable them to outline the small print of the proposed transaction.
Summa Well being will preserve its important companies and investments in Ohio throughout this time.
The ultimate settlement between HATCo and Summa is predicted to be accomplished within the coming months.
As soon as all vital regulatory approvals for the deal are given, Summa Well being will function as a completely owned subsidiary of HATCo.
Summa Well being president and CEO Cliff Deveny mentioned, “With HATCo, Summa Well being will have the ability to enhance native investments and introduce new sources that may enable us to develop entry to inexpensive, high quality, coordinated care.
“We’re enthusiastic about new alternatives to enhance the affected person and caregiver expertise, strengthen our recruiting pipeline, construct on our dedication to medical training and coaching, and develop SummaCare's progress to advance healthcare fairness and promote public well being within the communities we serve. ”
HATCo is a healthcare firm not too long ago based by Normal Catalyst.
