Crowe Horwath LLP has formed a strategic partnership with Chan Healthcare.
Missouri-based Chan Healthcare, which is a joint partnership of Ascension and Catholic Health Initiatives, provides internal audit services to healthcare networks and facilities throughout the U.S.
Ascension and CHI will retain a minority interest in Chan, while Crowe Horwath will now have a majority stake. “Crowe Horwath LLP is creating a strategic partnership with Chan Healthcare whereby Crowe will have a majority interest in the LLC," said Crowe Horwath LLP CEO Chuck Allen, in a statement sent to Accounting Today. "Ascension and CHI will retain a minority interest and will continue the significant client relationship with Chan. We are looking forward to the association with these two partners and the continuing expansion of our market presence in healthcare. On a consolidated basis this will bring approximately 300 people and $55M of annual revenue to Crowe Horwath LLP. Chan is headquartered in St. Louis.”
Crowe Horwath and Chan Healthcare have already signed a letter of intent to combine resources, pending completion of due diligence and the signing of a definitive agreement. Financial details of the transaction were not disclosed. The deal is expected to close in the fall,
The new partnership aims to combine resources and strengthen existing services to meet the internal audit and advisory needs of the changing healthcare industry. As part of the transaction, Chan Healthcare intends to retain its existing executive management team and key executives.
“This partnership will create the healthcare industry’s leading provider of high quality and value-added internal audit and advisory services,” Ascension president and CEO Anthony Tersigni said in a statement.
“The similarity of our missions was a key factor leading us to this strategic business partnership," said Allen. “Chan’s mission of providing quality services with integrity, innovation and knowledge sharing aligns ideally with our core purpose of ‘Building Value with Values’ for our people, our clients and our firm.”
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