DELAWARE COUNTY, Pa. (KYW Newsradio) — Crozer Health will soon have a new owner and the Delaware County hospital system will go back to nonprofit status.
Crozer’s owners, Prospect Medical Holdings, a private-equity-backed health care services company out of Los Angeles, have signed a letter of intent with New Jersey-based real estate firm CHA Partners to buy the hospitals.
Prospect Medical Holdings and Crozer Health leadership will work closely with CHA Partners and Healthcare Preferred Partners, an affiliated company, over the next several months to complete all regulatory reviews and obtain all the necessary approvals.
The financial terms of the transfer of ownership have not been revealed.
Crozer CEO Tony Esposito says because it is so early in the process they cannot provide many details.
“We believe this is a positive step for our physicians, employees and the communities we serve, and will help secure Crozer Health’s future as a critical health care provider in Delaware County,” Esposito said, in a statement from Crozer.
Crozer has facilities in Broomall, Chester, Ridley Park and Springfield.