Tower Deal Sells, Keeps Open Two ChesCo Hospitals
Tower Health offices (at top) in West Reading
WEST READING PA – Tower Health has found buyers for two Chester County hospitals, Brandywine and Jennersville, and said as a result both would remain open as acute care facilities, it announced Monday (Nov. 22, 2021). The purchaser is Texas-based Canyon Atlantic Partners LLC, which specializes in hospital ownership and management. Financial terms of the deal were not disclosed.
Tower’s ownership of Phoenixville Hospital was not mentioned in its news release about the sale and apparently remains unchanged.
Before the sale agreement, Jennersville was scheduled to be closed, and the future of Brandywine remained unknown. The ownership change takes effect Jan. 1 (2022; Saturday), and the transfer ensures “continued, convenient access to care for the Jennersville and Brandywine communities,” as well as advances “Tower Health’s financial and operational turnaround,” Tower Board Chair C. Tom Work said.
As of the new year, Canyon Atlantic Partners was expected to offer employment “to all clinical and non-clinical staff in good standing at the hospitals,” Tower said. It also will “assume ownership of all inpatient and outpatient services associated with the hospitals.”
The impending arrival of Canyon Atlantic Partners means Tower Health has suspended planning for the Jennersville closure, it added, but continues planning for the operational transfer.
Tower claimed Canyon Atlantic Partners offers “extensive experience and expertise in healthcare operations, healthcare finance, and the strategic integration of hospitals and healthcare resources.” Its president and CEO, David Kreye, said the firm brings “substantial experience in acute care hospital turnaround and growth” to “elevate” the hospitals’ medical staffs and serve their communities.
“We listened to the community and redoubled our efforts to keep Jennersville and Brandywine hospitals open,” Tower Health President and CEO Sue Perrotty added.
Tower’s negotiations to sell Chestnut Hill Hospital in Philadelphia, along with about a dozen Urgent Care centers across the city, continue with Newtown Square-based Trinity Health Mid-Atlantic, according to the Philadelphia Business Journal.