Saint Mary's Hospital

The need for a smart, strategic capital partner is something the leaders at The Waterbury Hospital have recognized for some time.
The Waterbury Hospital retained an outside investment broker to contact numerous potential partners at the beginning of the process. It was a thorough process that lasted more than 15 months. The final decision was that the very best option for the community was a Joint Venture between LHP and both hospitals.

The Waterbury Hospital will merge with the LHP/Saint Mary’s Joint Venture in order to ensure that the community has access to quality health care for years to come. 
LHP has successfully partnered with not-for-profits in the past, and after thoughtful deliberation, we determined that LHP was the right partner for The Waterbury Hospital and this community.

About the Joint Venture
Once the agreement is approved by the appropriate regulatory and religious bodies, the joint venture will:

• Provide a governance structure where local control is protected
• Maintain Waterbury Hospital’s caregivers, leadership, management and staff in their current roles
• Establish The Waterbury Hospital as a local tax payer and eliminate existing debt
• Commit to construct a new medical center at a cost of $400 million that will replace both Waterbury Hospital and Saint Mary’s Hospital.  The combined operations of this major transaction will be $520 million, making it one of the larger hospitals in the State of Connecticut.