Firelands Health and The Bellevue Hospital: A New Chapter for Rural Care
Transaction Announcement
The Bellevue Hospital, a vital rural healthcare provider in northern Ohio, has successfully completed a court-supervised Chapter 11 reorganization that resolved complex governance and ownership challenges while preserving local healthcare access, making creditors whole and securing a significant capital commitment. Through a competitive auction overseen by the U.S. Bankruptcy Court for the Northern District of Ohio, Firelands Health emerged as the sole owner of The Bellevue Hospital, setting the stage for renewed stability, investment, and growth under mission-aligned leadership.
This transaction resulted in a fully funded estate, covering essentially all creditor claims and administrative costs while preserving local healthcare services and investing new capital into the market. This rare outcome was enabled by a rigorous market clearing process and a structured auction that drove interest and resulted in two local nonprofit health systems, Firelands Health and Fisher-Titus, competing for the opportunity to serve Bellevue’s market.
Firelands Health’s acquisition includes the hospital campus, medical office buildings and operations. As part of this transition, Firelands Health has committed to sustain and expand healthcare services for Bellevue and surrounding areas, preserving access to high-quality care for the region.
Also unusual in bankruptcy processes, Firelands Health has committed to substantial capital investments at The Bellevue Hospital, pledging to make approximately $15 million in needed capital expenditures over the next five years. Additionally, Firelands retired over $17 million in bank debt and will cover nearly $6.5 million in other outstanding liabilities and payables, ensuring financial sustainability and continuity of services.
“The Bellevue Hospital is excited about being part of Firelands Health,” said Sara Brokaw, RN, MSN, President & CEO of TBH. “This partnership makes us stronger and better equipped to serve our community. Firelands presented itself as the best fit as they share our mission to ensure access to excellent care and can help us offer our patients a broader range of services. We deeply appreciate the continued support of our patients, staff, and community as we navigate this path to a brighter future.”
Jeremy Normington-Slay, DPT, MBA, FACHE, CEO of Firelands Health, added, “We are grateful and excited to be actively expanding, creating a network of healthcare providers across the region, and continuing to deliver access to high-quality, cost-effective care. There is a great deal of work to do, which will take time, but we’ve already been working together on long-term plans and are excited. This transaction makes us stronger together.”
Juniper’s Role
Juniper Advisory was engaged by The Bellevue Hospital to lead a strategic process addressing legacy governance challenges and preserving local healthcare access. As lead financial advisor, Juniper designed and managed a transparent Chapter 11 auction, preparing a detailed Confidential Information Memorandum, targeted marketing materials, and comprehensive financial models to attract multiple nonprofit health system bidders. Working under a tight timeframe, they brought a range of potential partners to the table and provided them with the information they needed to assess the opportunity. Juniper structured the auction framework with clear bidding rules and timelines to foster competitive tension and maximize value.
Throughout the process, Juniper collaborated closely with hospital management, bankruptcy counsel, corporate counsel, creditors and bidders to align on an outcome that met varied stakeholder objectives and advanced Bellevue’s mission and community priorities. Juniper’s efforts managing negotiations and securing court approval culminated in a successful auction that fully funded the hospital’s estate and ensured a smooth transition to Firelands Health’s ownership, preserving essential healthcare services for the community.
To learn more, contact Casey Webb at 312.506.3010 or cwebb@juniperadvisory.com.
About The Bellevue Hospital
Serving the Bellevue community and surrounding areas for more than 100 years, The Bellevue Hospital is a 50-bed acute care hospital known for its compassionate care and essential medical services. The hospital faced financial challenges common to rural independent hospitals, including rising operational costs and capital constraints, which prompted this restructuring to ensure long-term sustainability.
About Firelands Health
Firelands Health is northern Ohio’s largest and most comprehensive nonprofit health system, consisting of Firelands Regional Medical Center, Firelands Physician Group, and The Foundation for Firelands. Dedicated to high-quality, accessible care, Firelands Health’s acquisition of The Bellevue Hospital aligns closely with its mission and regional growth strategy.
About Juniper Advisory
Juniper is a specialized investment banking firm focused exclusively on nonprofit hospital system mergers and acquisitions. The team is generally considered the most experienced in the country advising health systems on business combination transactions for four decades.