Virtua, a not-for-profit health system in southern New Jersey, has purchased Camden, N.J.-based Lourdes Health System.
Virtua on Monday assumed ownership of Lourdes Health System, closing out a yearlong process to acquire the not-for-profit health system from Pennsylvania-based Maxis Health System, part of national Catholic health system Trinity Health. Virtua signed a definitive agreement with Maxis Health to acquire Lourdes Health System in June of last year.
New Jersey law requires not-for-profit hospitals to obtain merger or acquisition approval from the attorney general, health commissioner and state court.
The New Jersey attorney general's office, in consultation with the New Jersey Department of Health, on June 10 issued a recommendation in favor of the transaction, according to Virtua. Judge Paula Dow of the Superior Court of New Jersey approved the acquisition June 25.
"Today is the culmination of many months of planning and preparation, and now we can begin the process of building a better, healthier future for the people of South Jersey," Dennis Pullin, Virtua's president and CEO, said in a statement.
Virtua signed its agreement to buy Lourdes Health System after a previous acquisition agreement had fallen through.
Cooper University Health Care in Camden had signed a letter of intent with Maxis Health System to acquire Lourdes Health System in August 2017 — but ultimately dropped plans to purchase the health system later that year, citing compliance, legal, regulatory and operational reasons.
At the time, Cooper refused to elaborate on issues that soured the proposed sale.
With the purchase of Lourdes Health System — which includes two hospitals, Lourdes Medical Associates and Lourdes Cardiology Services — Virtua now has 280 care locations across southern New Jersey.
The acquisition extends Virtua's specialty services in the region, according to Virtua, as Lourdes Health System had provided advanced care in specialties like cardiovascular surgery, complex neurosurgery and transplant services.
"The best interest of the community has been the driving force behind this process and it will be our cornerstone moving forward," Pullin said.
