Steward Health Care
PE-Owned1 Documented ImpactCerberus sold off hospital real estate in sale-leaseback deals extracting ~$800M, loaded debt, and extracted dividends while hospitals deteriorated. Patients suffered, multiple states investigated. Filed bankruptcy in 2024.
Ownership Information
Steward Health Care is owned by Cerberus Capital. Private equity ownership often leads to cost-cutting, price increases, and reduced quality of service as firms prioritize returns for investors over customers and employees.Learn more about PE ownership impact →
Timeline
Steward Health Care founded
Acquired by Cerberus Capital for $246 million
Steward Health Care collapsed after Cerberus extracted $800M+ in sale-leasebacks
Cerberus sold hospital real estate, extracted dividends, and loaded debt while hospitals deteriorated. Patients suffered from understaffing and equipment failures. Multiple states investigated. Filed bankruptcy May 2024 with 30,000+ employees affected.
How Cerberus Bled Steward Health Care Dry
Boston Globe →Before vs. After PE Acquisition
Hospitals in crisis
Reported 2024
Before PE
30+ hospitals operational
After PE
Bankrupt, hospitals closing
↓ 100%
Tracked Locations
CA (1)
Los Angeles
9208 Main St
Los Angeles, CA 90001
555-244-5250
GA (1)
Atlanta
880 Main St
Atlanta, GA 30301
555-106-8086
NC (3)
Charlotte
8275 Main St
Charlotte, NC 28201
555-290-1436
Charlotte
3712 Main St
Charlotte, NC 28201
555-596-3815
Raleigh
8910 Main St
Raleigh, NC 27601
555-376-5553
PA (1)
Philadelphia
5963 Main St
Philadelphia, PA 19019
555-871-1735