Private equity firm to buy Summa Health for $485M (HealthExec)

Ohio-based Summa Health has confirmed its acquisition by venture capital firm General Catalyst for $485 million. The deal, which is pending regulatory approval, will eliminate Summa Health’s $850 million debt and integrate the 1,300-bed health system into General Catalyst’s Health Assurance Transformation (HATco) network of 20 health systems. HATco has pledged $550 million over seven years to enhance operations and invest in technology, while Summa Health will maintain its charity care, community benefits, and essential services.