Transaction Announcement
MyMichigan Health, a not-for-profit health system headquartered in Midland, Michigan, has signed a definitive agreement to acquire Ascension Michigan’s Saginaw, Tawas, and Standish facilities.
Ascension sought a partnership and selected MyMichigan Health to move forward with a transaction. The organizations signed a Letter of Intent in Q4 2023 and plan to close the transaction near the beginning of Q3 2024. Upon closing, the following entities will join MyMichigan Health:
- Ascension St. Mary’s of Saginaw, a 268-bed acute care inpatient facility
- Ascension St. Mary’s Towne Center, an ambulatory surgery center, wound care center, emergency department, and short-stay unit facility
- Ascension St. Joseph in Tawas, a 47-bed acute inpatient facility
- Ascension St. Mary’s of Standish, a 25-bed critical access hospital and 29-bed skilled nursing facility
The transaction allows for the preservation of care in the Saginaw, Tawas, and Standish communities through a partnership with two mission-aligned organizations. Prior to the transaction’s expected close this summer, the Ascension locations involved in the transaction and MyMichigan Health will continue to operate independently.
ECG’s Role
MyMichigan Health engaged ECG Management Consultants to be its sole strategic adviser. ECG assisted MyMichigan by:
- Conducting comprehensive financial and operational due diligence on the target facilities.
- Assessing the financial position of the Ascension target facilities through the development of a financial pro forma.
- Assisting with transaction structuring, transition of services, and integration planning.
MyMichigan Health
MyMichigan Health is a leader in providing award-winning, high-quality care to the 25 counties it serves. With medical centers in Alma, Alpena, Clare, Gladwin, Midland, Mt. Pleasant, Sault Ste. Marie, and West Branch, MyMichigan also has affiliations with medical centers in St. Ignace and Mackinac Island. MyMichigan Health provides a full continuum of care across a wide array of settings, including urgent care centers, home health, and virtual care, and has medical offices in more than 80 specialties and subspecialties, including cardiology, family medicine, hematology/oncology, neuroscience, orthopedics, pediatrics, and vascular surgery.
Ascension
Ascension is one of the nation’s leading nonprofit and Catholic health systems, with a mission of delivering compassionate, personalized care to all with special attention to persons living in poverty and those most vulnerable. In FY 2023, Ascension provided $2.2 billion in care of persons living in poverty and other community benefit programs. Ascension includes approximately 134,000 associates, 35,000 affiliated providers, and 140 hospitals, serving communities in 19 states and the District of Columbia.
For more information, please contact ECG directly.
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Edited by: Matt Maslin
Published March 29, 2024
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