Lower Bucks Hospital
Founded in 1954, Lower Bucks Hospital (“LBH” or the “Hospital”) is a community hospital located in Bristol, Pennsylvania. The Hospital offers a full range of acute, sub-acute, ambulatory and related services including cardiac catheterization, open heart surgery, diagnostic imaging, industrial health, mental health, home health and orthopedics. LBH is licensed to operate 186 beds and maintains a 36-acre medical campus along with an ambulatory surgery center and a health & wellness center.
LBH emerged from a two-year bankruptcy in early 2012, but continued to face the significant operating challenges associated with being an independent community hospital. SSG was re-retained in May 2012 as the Hospital’s investment banker for the purpose of running an expedited sale process to a targeted list of likely strategic acquirers.
Early on in the process, SSG and management identified Prime as a likely buyer, due to its specialization in purchasing distressed hospitals and its successful acquisition of Roxborough Hospital in Philadelphia earlier this year. Prime’s acquisition of LBH included the assumption of the Hospital’s liabilities related to its bankruptcy reorganization plan, and Prime agreed to hire substantially all of the Hospital’s employees, maintain its union contracts and invest approximately $10 million in the facility within the next five years. The sale of LBH as a not for profit hospital to Prime, a for profit buyer, was approved by the Pennsylvania Orphans Court prior to closing.