Transaction highlights
General Catalyst, through its Health Assurance Transformation Company (“HATCo”), closed its acquisition of Akron, Ohio-based Summa Health, and affiliated operations (“Summa”), including its health plan, SummaCare. The transaction marks another step towards realizing HATCo’s vision of fundamentally improving healthcare delivery and patient experience through true partnership between technologists, caregivers, and capital.
HATCo views the acquisition as a first-of-its-kind attempt to redefine healthcare in the United States. Moreover, HATCo’s extended time horizon drives its long-term commitment to health assurance transformation for the people of Akron and the State of Ohio. HATCo has the unique ability to access a wide range of innovative healthcare companies in General Catalyst’s extensive ecosystem to build a modern, tech-enabled healthcare delivery platform across all points of care.
RBC’s Role and Relationship Overview
RBC served as financial advisor to General Catalyst on the transaction, leveraging a deep understanding of General Catalyst’s objectives and not-for-profit healthcare sector expertise to achieve best execution. Following the creation of HATCo in 2023, RBC worked with General Catalyst to identify targets that would meet the strategic goals of the Health Assurance framework focusing on integrated delivery networks embracing value-based care. Over the course of the transaction, RBC worked alongside General Catalyst to ensure best execution, successful integration, and day one continuity.
This transaction further illustrates the banking team’s ability to continue to transact at the intersection of not-for-profit and for-profit healthcare. The transaction represents RBC’s first mandate for General Catalyst.
Client Overview
General Catalyst is a global investment and transformation company the partners with the world’s most ambitious entrepreneurs to drive resilience and applied AI. General Catalyst is one of the top ten most active venture capital funds in the United States, and has supported the growth of 800+ businesses, including Airbnb, Snap, Commure, Guild, Instacart, Livongo, Mistral, Stripe, and Sword, among numerous others. The company, based in San Francisco, California, has over $40 billion assets under management.
General Catalyst created Health Assurance Transformation Company LLC in 2023 to operationalize the promise of Health Assurance, the firm’s health assurance thesis launched in 2019, and to demonstrate the economic and human benefits that result from collaboration and responsible innovation. The HATCo platform is designed to combine the best leadership and capabilities in healthcare and tech to inform, support and drive transformation enablement while addressing system fragmentation, and improving access to – and quality of – care. In collaboration with health system and technology leaders through partnerships, investments, and acquisitions, HATCo seeks to drive efficiency, affordability, and transparency to transform the healthcare industry to be more proactive, resilient, and equitable for communities and society.