Journal IDs Potential Joint Venture Bidder for Tower
Tower Health’s Urgent Care Center (above) in Gilbertsville
READING PA – Tower Health expects later in July to formally announce its plans for financial survival, whether by a sale of assets or operations, mergers or partnerships with other firms, or going it alone. But the Philadelphia Business Journal, in an exclusive report, claimed Wednesday (June 30, 2021) that at least one potential partnership “has emerged as a bidder” for all of the struggling healthcare provider.
Journal reporter John George cited industry sources in identifying a joint venture of the Lehigh Valley Health Network, headquartered in Allentown, and StoneBridge Healthcare of Lahaska, Bucks County, as having “expressed an interest in acquiring the entire Tower Health system.” That would include Pottstown and Phoenixville hospitals, and its local urgent care and medical practice offices.
The story is available online, here, but access is limited to only Journal subscribers.
Officials at Lehigh Valley “declined to comment specifically on any potential interest in Tower Health’s assets,” the Journal noted. StoneBridge CEO Joshua Nemzoff also declined comment, it said.
For its part, Tower Health merely repeated it has received “multiple indications of interest” that are under review.
The Journal also said the joint venture’s prospective deal “would not include Tower Health’s interest in St. Christopher’s Hospital for Children in North Philadelphia.” It is owned by both Tower and Drexel University, and Tower earlier said negotiations for it, if any, must be handled separately.
Lehigh Valley Health Network operates hospitals on eight campuses, along with a network of health centers, physician practices, rehabilitation facilities and other outpatient care locations. Its operations span seven counties. George’s reporting described StoneBridge Healthcare as “a turnaround company founded in 2020 to rescue financially distressed hospitals.”
Photo by The Post