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Daughters of Charity finally closes on a deal
Modern Healthcare

Daughters of Charity Health System’s fraught search for a buyer has ended. BlueMountain Capital Management Monday closed on a deal for the failing six-hospital system, now named Verity Health System. The Los Altos Hills, Calif.-based Daughters of Charity finalized the sale after losing one potential buyer and failing to reach a deal with another. BlueMountain, which will manage the hospitals through its subsidiary Integrity Healthcare, pledged up to $260 million to the failing system as part of the deal. “This large infusion of capital will provide a great jump-start on the many strategic, operational and capital initiatives desperately needed in our hospitals,” said Robert Issai, former president and CEO of the Daughters of Charity.