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Deloitte Corporate Finance Advises St. Francis Hospital in Section 363 Sale

October 15, 2014, 07:26 AM
Filed Under: Bankruptcy

Deloitte Corporate Finance LLC 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.

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.

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.

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. 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.

The acquisition of St. Francis Hospital’s assets by Westchester Medical Center is a finalist for the M&A Advisor’s M&A Deal of the Year (over $25mm to $50mm), Restructuring Deal of the Year (between $10mm and $100mm) and Healthcare/Life Sciences Deal of the Year (up to $250MM).

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