Florham Park partner Frank Velocci was quoted in the media over the sale of St. Clare’s Health System to Prime Healthcare Services of California. In late June, a Superior Court judge approved the transaction, which totaled $62 million.
St. Clare’s Health System, a non-profit that operates hospitals, has been struggling with debt and started looking for potential buyers in 2010. In 2013, they entered into a purchase agreement with Prime Healthcare Services, a for-profit entity which operates 34 hospitals around the nation.
Frank represented St. Clare’s in the deal. He told the judge that there will be added staff and that there have been no complaints about patient care or access to care in Prime’s New Jersey hospital. “There was no opposition through the entire process,” Frank said.