Verity Health System of California has Completed the Sale of All Six Hospitals
August 28, 2020
Cain Brothers, a division of KeyBanc Capital Markets, served as the exclusive sell-side financial advisor to Verity Health System of California on the sale of its assets as part of its Chapter 11 Bankruptcy filing. In August 2020, Cain Brothers advised Verity on the $350 million sale of St. Francis Medical Center to Prime Healthcare and the $40 million sale of Seton Medical Center and Seton Coastside to AHMC Healthcare. As part of the bankruptcy filing, Cain Brothers also advised Verity on the sale of St. Vincent Medical Center in April 2020, and the sale of O’Connor Hospital and St. Louise Regional Hospital to Santa Clara County in March 2019.
Verity Health System of California was a not-for-profit community health system originally comprised of six medical centers and included 1,650 inpatient beds, six active emergency rooms, a trauma center and a host of medical specialties including tertiary and quaternary care.