Lifespan
Overview
| Deal Type |
Mergers & Acquisitions |
|---|---|
| Client & Transactional Partners |
Lifespan Saint Anne's Hospital, Morton Hospital Steward Health Care |
| Our Role |
Financial Advisor |
Summary
Cain Brothers served as financial advisor to Steward Health Care during its Chapter 11 bankruptcy process to identify buyers and manage the sale of up to 17 hospitals in seven states. Cain Brothers was retained based on its extensive knowledge of the hospital & health system sector, real estate expertise, and demonstrable ability to execute complex transactions.
Founded by the Dominican Sisters of the Presentation in 1906, Saint Anne’s Hospital in Fall River, Massachusetts, is a full-service, acute care Catholic hospital with 211 beds and satellites in Fall River, Attleboro, Swansea, and Dartmouth, Massachusetts. The hospital provides inpatient and outpatient clinical services to patients from surrounding Massachusetts and Rhode Island communities. Morton Hospital in Taunton is a 144-bed acute care community hospital serving patients and families in southeastern Massachusetts.
Cain Brothers targeted buyers interested in owning and operating hospitals in the southern Massachusetts and Rhode Island region. The successful acquisition of the Saint Anne’s and Morton hospitals by Lifespan preserves community jobs and continues providing of care to current and future patients in the region.
Steward Health Care was one of the largest private hospital systems in the U.S., operating more than 30 hospitals in eight states supported by multi-specialty provider groups with more than 1,700 providers and operations in 11 states. Steward had previously entered real estate sale/leaseback transactions with Medical Properties Trust for many of its hospitals.
Lifespan is Rhode Island’s largest health system and employer with five hospitals and about 16,000 employees. In October 2024, Lifespan was rebranded to Brown University Health to expand on its 55-year affiliation with the Ivy League.
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