Joe Orlando, a spokesman for Ascension Health Care Network, confirmed the joint venture's interest in response to a query about a local media report naming Ascension Health Care Network, but also referring to Ascension's not-for-profit system.
“Ascension Health Care Network of St. Louis is in discussions with St. Joseph's Healthcare System in Paterson and St. Mary's Hospital in Passaic regarding the potential creation of a new Catholic healthcare system in New Jersey,” Orlando said in an e-mailed statement.
The joint venture between Ascension Health, St. Louis, and Oak Hill Capital Partners, has not announced any deals since its formation. Ascension Health pledged $100 million toward deals, and Oak Hill Capital agreed to invest another $400 million.
The joint venture will seek acquisitions in four or five markets where hospitals have sufficient market share or where markets could be consolidated, according to comments by Ascension Health Care Network officials at conferences in recent months.