Froedtert Health has purchased a majority interest in Holy Family Memorial in Manitowoc.
The terms of the agreement, which was announced Wednesday, were not disclosed. The Milwaukee-based health system previously announced it would buy a minority stake in Holy Family.
Holy Family Memorial had a revenue of $122.5 million in 2019 and includes Holy Family Memorial Hospital and eight clinics that employed 84 physicians, advanced nurse practitioners and physician assistants as of June 30.
Under the agreement, Holy Family will maintain its Catholic identity under the sole sponsorship of the Franciscan Sisters of Christian Charity Inc.
“For more than 120 years, the mission of Holy Family Memorial has been to serve the health needs of people in and around Manitowoc with quality, compassionate care that reflects Gospel values,” Sister Natalie Binversie, community director of the Franciscan Sisters of Christian Charity, said in a statement. “We are grateful to know that our mission will continue through this partnership with Froedtert.”
Holy Family Memorial will now operate as part of the Froedtert & the Medical College of Wisconsin health network.