goingon
ProMedica Coldwater Hospital Up For Sale
Wednesday, January 29, 2020

While it has been just over two years after officially acquiring the former Community Health Center of Branch County, ProMedica Health System based out of Toledo say they are looking at offers to sell ProMedica Coldwater Regional Hospital.

Officials with ProMedica released a statement Tuesday afternoon saying they have recently engaged a third-party business broker that specializes in hospital transactions to explore other regional health care providers’ interest in possibly acquiring ProMedica Coldwater Regional Hospital.

The statement said that over the past four years, ProMedica has made significant investments and improvements in Coldwater, and the hospital’s strong performance and profitability are a reflection of those efforts. As a result, several potential buyers have expressed interest.

While ProMedica officially purchased the hospital as of January 1st, 2018, it had operated the facility under a management agreement for the two previous years. Branch County sold the Community Health Center to ProMedica for $17 million, with the money used to pay into the retirement system to cover pension liability while ProMedica also assumed responsibility of a $9.2 million capital improvements bond issue.



MORE HEADLINES

>> News Archive