3 months after LOI, Virtua signs definitive agreement to buy Lourdes Health System

By Eric Strauss
South Jersey | Jun 5, 2018 at 12:57 pm

Virtua Health has signed a definitive agreement to buy Lourdes Health System, it announced Tuesday, nearly three months after signing a nonbinding letter of intent to acquire Lourdes.

Under the deal, Virtua — which operates hospitals in Marlton, Mount Holly and Voorhees, among other facilities — would acquire Our Lady of Lourdes Medical Center in Camden and Lourdes Medical Center of Burlington County, plus Lourdes Medical Associates and Lourdes Cardiology Services.

“As representatives of the community, we are constantly thinking about how Virtua can improve the health status of the people of South Jersey,” Virtua Chairman David Kindlick said in a prepared statement. “Virtua and Lourdes offer complementary services. Bringing our organizations together creates a more fully integrated network offering greater access and care options for our patients. It just makes good sense.”

The boards of Virtua and Maxis Health System, the holding company of Lourdes parent Trinity Health, signed the agreement after the LOI and subsequent due diligence, Virtua said.

“The combination of Virtua and Lourdes is a great story waiting to be told,” Virtua CEO and President Dennis Pullin said in a statement. “Each organization has enjoyed a rich history. Together, we recognize synergies not only around care delivery, but also around quality, culture, talent and community engagement.”

Virtua said it expects expanded scale and shared infrastructure will create increased access and improved efficiencies for patients in the wake of the deal.

“At Lourdes, we are thrilled to be joining with Virtua,” Lourdes President Dr. Reginald Blaber said in a statement. “Their passion and visionary approach to care is completely aligned with the Lourdes Health System, and we are looking forward to a bright future ahead.”

Virtua said it expects the deal to close in conjunction with customary approvals.

“When finalized, our new organization will represent enhanced care for the benefit of the South Jersey community,” Pullin said. “The potential impact and benefits are limitless.”

Lourdes had been involved in a bigger deal with Cooper University Health Care, which fell through in December 2017.

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Eric Strauss | estrauss@roi-nj.com | acerimrat