New Jersey-based CHA Partners wants to buy Crozer

Founded in 2008, CHA is a real estate company that over the years acquired five struggling hospitals in New Jersey and successfully turned them around.

According to Esposito, CHA owns and operates several ambulatory surgery centers, medical office buildings and assisted living facilities.

“Prospect and Crozer Health leadership will be working closely with CHA and HCPP over the next several months to complete the transfer of ownership,” Esposito said. “This process will involve due diligence, regulatory reviews, and obtaining all necessary approvals.”

Crozer is the region’s main EMS provider. It is also a vital primary trauma center and home to the county’s only burn unit. Despite its importance to Delco’s health care, the system has been crumbling in recent years.

Two of its hospitals — Delaware County Memorial and Springfield — are essentially closed.

In October, Prospect agreed to a deal with the state Attorney General’s Office and the Foundation for Delaware County to sell the distressed hospital system. .

Back in February, the court-approved plan required Prospect to find a nonprofit buyer within 270 days. Prospect kept the process confidential, so it was unclear if there were any legitimate bidders.

WHYY News first reported in July that Prospect had found a prospective buyer, but it came with a catch. The company wanted $100 million — to $500 million from the state to help finance the deal.

CHA doesn’t appear to be a nonprofit, however, its commitment to return Crozer to that status appears to satisfy the court-approved agreement.

The company’s interest in Crozer does not guarantee a happy ending. The Wilmington-based ChristianaCare backed out of negotiations to acquire Crozer in 2022.