Pennock Health Services to Join Spectrum Health
Pennock Health Services (PHS), a nonprofit hospital system located in Hastings, MI, has signed a letter of intent to join Spectrum Health, an 11-hospital west Michigan nonprofit system based in Grand Rapids. The Board of Trustees of PHS unanimously agreed to join Spectrum after executing a controlled competitive process which involved the evaluation of potential partners from around the country. Additionally, the Board determined that the benefits of joining Spectrum far outweighed those of remaining independent. The selection of Spectrum as a partner was based upon cultural fit, a shared commitment to quality, and the potential to offer advanced healthcare services to Hastings and the greater Barry County community.
The Board of PHS engaged Juniper Advisory to proactively assess its strategic alternatives and to implement a competitive process to evaluate a range of structural options. Juniper led the Board through a comprehensive period of education, designed and managed a market-clearing process, drafted information materials, assembled an electronic data room, conducted reverse due diligence, and negotiated the agreement between the parties. Click here to view the process timeline. Juniper will continue to advise the Board through the completion of confirmatory due diligence, the signing of the definitive agreement, and the acquisition of all requisite regulatory approvals.
Pennock Health Services
Pennock is an integrated healthcare system based in Hastings, MI, a rural community southeast of Grand Rapids. The system consists of Pennock Hospital, a 49-bed acute care facility, the Pennock Foundation, and for-profit Pennock Ventures, which includes Pennock Village, the professional office building, and a retail pharmacy. Pennock is the only hospital within a 28 mile radius and is the largest employer in Hastings and the second largest employer in Barry County. It is consistently included in the 101 Best and Brightest Places to Work in West Michigan.
Spectrum is an 11-hospital nonprofit health system based in Grand Rapids, MI. Along with the Spectrum Health Hospital Group, the system is comprised of 170 ambulatory and service sites, 1,080 employed physicians and advanced practice providers including members of the Spectrum Health Medical Group, and Priority Health, a 575,000-member health plan. Spectrum Health is west Michigan’s largest employer with 21,400 employees. The organization provided $250 million in community benefit during fiscal year 2013. In 2014, Spectrum was named one of the nation’s 15 Top Health Systems by Truven Health Analytics.
For additional information, please refer to the press release.