West Reading-based Tower Health, which owns Brandywine Hospital near Coatesville, is getting a new investor, writes Harold Brubaker for The Philadelphia Inquirer.
Houlihan Lokey is based in Los Angeles, and is going to work with newly appointed CFO Mike Eesley to underpin the financial structure of the nonprofit.
Tower sold Jennersville Hospital for $8 million to ChristianaCare and completed the sale of Chestnut Hill Hospital for $28 million at the beginning of 2023.
It still has 17 urgent care centers that it’s trying to sell and has not yet found a buyer for Brandywine. This comes at the heels of a significant layoff of 55 of its staff members due to cost-cutting efforts.
Houlihan Lokey will be replacing H2C Securities Inc. which helped Tower Health purchase five hospitals in 2017. The investment bank was founded in 1972 and currently has over 2,200 across the globe.
Read more about the new investor of Tower Health in The Philadelphia Inquirer.
Life of an employee at Houlihan Lokey.
