Summa Health Acquisition, Valuation, Funding & Investors

Summa Health was acquired by General Catalyst for $515M in January 2024, a 0.3x multiple on $2B of revenue.

Summa Health acquisition price

$515M

Acquired by General Catalyst · Jan 2024

Summa Health revenue at acquisition

$2B

Last twelve months · Jan 2024

Summa Health revenue multiple at acquisition

0.3x

EV/Revenue · Jan 2024

Cumulative funding Summa Health raised

$6M

across 1 funding round

Summa Health Overview

About Summa Health

Summa Health is an Akron-based integrated health system operating hospitals, outpatient centers, and cancer institutes in Northeast Ohio. Formed in 1998 through merger, it includes Akron City Hospital and Summa Health System - Akron Campus with over 800 beds total. Summa's cancer centers deploy Varian TrueBeam radiotherapy and genomic profiling for personalized treatments in breast, lung, and prostate cancers. The system partners with Case Western Reserve University for clinical research trials.


Founded

1989

HQ

United StatesAkron, OH

Status

Acquired

Customer focus

B2C

Revenue model

Services

Revenue

$2B (Jan 2024)

Valuation

$515M (acquired Jan 2024)

Summa Health Acquisition

Summa Health was acquired by General Catalyst for $515M on 17 January 2024.

The acquisition price implies a 0.3x revenue multiple on $2B of revenue.

Before the acquisition Summa Health had raised $6M across 1 funding round.

Summa Health, one of Ohio's largest integrated delivery systems with over 130 years of history, operates two acute care hospitals, one rehab hospital, a network of community medical centers and physician offices, and a health insurance arm called SummaCare, serving the greater Akron region. General Catalyst, a global investment and transformation company and leading healthcare investor with over 100 active healthcare-focused portfolio companies and partnerships with more than 20 health systems, formed Health Assurance Transformation Company (HATCo) in late 2023 as a foundational element of its healthcare strategy to innovate health system operations. HATCo, led by former Intermountain CEO Dr. Marc Harrison and backed by General Catalyst CEO Hemant Taneja, acquired Summa Health to create the first hospital operator owned by a venture capital firm, using it as a 'test kitchen' or proving ground for technologies from its portfolio to build modern, tech-enabled delivery platforms focused on value-based care, proactive health assurance, and enhanced patient experience. The deal, announced with a non-binding letter of intent in January 2024, received conditional approval from Ohio Attorney General Dave Yost and closed in November 2024 for a total purchase price of approximately $485-515 million, converting the nonprofit Summa Health to a for-profit entity. HATCo funded the acquisition from General Catalyst's balance sheet outside its typical fund structure to enable long-term commitment rather than a quick flip, committing an additional $200 million for strategic and transformative investments over seven years, $350 million in capital for technology and resources in the first five years, and $15 million to a foundation for community health in Akron. Proceeds address Summa's long-term debt amid recent operational challenges, despite investment income returning it to profitability, while providing access to General Catalyst's ecosystem for innovation without provider-typical risk aversion or cash shortfalls. Leaders emphasized reshaping healthcare delivery: Taneja described it as a blueprint for a resilient, affordable, proactive system; Harrison focused on operational stability and transformation; and Summa CEO Dr. Cliff Deveny highlighted building on strengths with new technology opportunities. The transaction aligns with General Catalyst's 2019 health assurance thesis, recent $8 billion capital raise including for healthcare, and broader ecosystem engagement, retaining Summa's nonprofit mission elements like community access, uninsured care, all-payer acceptance, medical education, and full employee retention.

Summa Health acquisition details
AcquirerDateTypePriceEV/Revenue
  • General Catalyst
17 Jan 2024PE buyout$515M0.3x

Summa Health Funding History

Summa Health has raised a total of $6M across 1 funding round.

Summa Health funding rounds

Summa Health funding rounds
DateStageRaised
Oct 2015Series A$6M

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Summa Health Competitors

Summa Health competitors include listed companies like Chularat Hospital, Garofalo Health Care, Sikarin and Strata Critical Medical, and private ones like Tesis Labs LLC and Neuberg Diagnostics.

Public and private companies comparable to Summa Health
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Tesis Labs LLCUnited StatesPhoenix, AZPrivate--$520M-
Chularat HospitalThailandThailandPublicly listed$251M$52M$525M2.0x
Garofalo Health CareItalyItalyPublicly listed$559M$83M$548M1.4x
SikarinThailandThailandPublicly listed$181M$47M$479M-
Strata Critical MedicalUnited StatesUnited StatesPublicly listed$197M($16M)$476M1.7x
Neuberg DiagnosticsIndiaChennaiPrivate$107M-$642M6.0x
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Chularat Hospital$251M$52M2.1x2.0x9.8x9.5x
Garofalo Health Care$559M$83M1.5x1.4x9.8x8.6x
Sikarin$181M$47M2.5x-9.7x-
Strata Critical Medical$197M($16M)2.3x1.7x(28.4x)16.4x
M1 Kliniken$420M$46M0.9x1.7x8.6x9.8x
Hermina Hospitals$402M$104M2.1x1.9x8.1x7.5x
Integral Diagnostics$561M$99M1.8x1.8x10.2x8.4x
Community Health Systems$12B$2B0.9x0.9x5.5x8.0x

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Common questions about Summa Health

When was Summa Health founded?Summa Health was founded in 1989.
Where is Summa Health headquartered?Summa Health is headquartered in Akron, OH, United States.
Is Summa Health publicly listed?No, Summa Health was acquired by General Catalyst in January 2024.
Who acquired Summa Health?Summa Health was acquired by General Catalyst in January 2024.
How much was Summa Health acquired for?Summa Health was acquired for $515M in January 2024, a 0.3x revenue multiple.
How much funding has Summa Health raised?Summa Health has raised $6M across 1 funding round.
What was Summa Health's last funding round?Summa Health's last funding round was a $6M Series A in October 2015.
Which companies are comparable to Summa Health?Companies comparable to Summa Health include Tesis Labs LLC, Chularat Hospital, Garofalo Health Care, Sikarin, Strata Critical Medical and Neuberg Diagnostics.

See companies similar to Summa Health

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