Deloitte Corporate Finance LLC advises Saint Francis Hospital in Section 363 sale to Westchester Medical Center
Deloitte Corporate Finance LLC (“DCF”) acted as exclusive financial advisor to Poughkeepsie-based St. Francis Hospital in its Section 363 sale to Westchester Medical Center, an advanced medical care and referral hospital located in Valhalla, NY. The acquisition closed in May 2014.
NEW YORK, October 14, 2014 — Deloitte Corporate Finance LLC (“DCF”) acted as exclusive financial advisor to Poughkeepsie-based St. Francis Hospital in its Section 363 sale to Westchester Medical Center, an advanced medical care and referral hospital located in Valhalla, NY. The acquisition closed in May 2014.
St. Francis Hospital filed for Chapter 11 bankruptcy protection in December 2013, and DCF advised the hospital in connection with its subsequent bankruptcy sale process. The sale to Westchester Medical Center was approved by the U.S. Bankruptcy Court in February 2014.
“DCF's efforts in providing us the necessary market insight and deal advice were critical to the completion of this transaction,” said Art Nizza, CEO of St Francis Hospital.
“It has been a pleasure to work with the management team at St. Francis on this transaction with Westchester Medical Center. We are delighted that St. Francis will remain open and look forward to seeing it continue to serve the community,” said Simon Gisby, managing director, Deloitte Corporate Finance LLC.
About St. Francis Hospital
Founded in 1914, St. Francis Hospital is a general medical and surgical hospital located in Poughkeepsie, NY. The hospital has 333 beds and provides various services including behavioral health programs, addiction recovery services, a special needs preschool, a Level Two Trauma Center, joint replacement and physical rehabilitation, the latest robotic surgery procedures, and a comprehensive cancer program. For more information, visit www.sfhospital.org.
About Westchester Medical Center
Founded in 1918, Westchester Medical Center is an advanced medical care and referral hospital located in Valhalla, NY. The center has 643 beds and provides care in every clinical specialty through its main hospital, the Maria Fareri Children's Hospital, and the Behavioral Health Center. Westchester Medical Center's services are also accessible to residents of New York City and portions of Fairfield County, Connecticut. For more information, visit www.westchestermedicalcenter.com.
About Deloitte Corporate Finance LLC
Deloitte Corporate Finance LLC (DCF) provides strategic advisory services and M&A advice that help corporate, entrepreneurial and private equity clients create and act upon opportunities for liquidity, growth and long-term advantage. With an in-depth understanding of the marketplace and access to a global network of investment bankers, we help clients confidently pursue strategic transactions in both domestic and global markets. DCF, together with the Corporate Finance Advisory practices within the Deloitte Touche Tohmatsu Limited network of member firms, include in excess of 1,900 professionals, who work collaboratively across 150 international locations. With our significant experience providing investment banking services across key industries, we are able to offer our clients solutions that help them to achieve their strategic objectives. For more information, visit www.investmentbanking.deloitte.com.
The acquisition of St. Francis Hospital’s assets by Westchester Medical Center was named the M&A Advisor Restructuring Deal of the Year (Between $10MM and $100MM) and the Turnaround Atlas Awards Healthcare Services Turnaround of the Year.
Prior engagement performance is no guarantee of future performance and may not be representative of the experience of other clients. This communication is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of a security.
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