Jefferson forms mammography joint venture with private equity-backed Solis Mammography

Jefferson Health continued a recent push into money-raising deals with outside partners with an announcement on Thursday that it will put its 13 mammography clinics into a joint venture with Solis Mammography, which already had a partnership with Einstein Healthcare Network before it was acquired by Jefferson in 2021.

Jefferson had previously disclosed the sale of a minority interest in its mammography business for $19.7 million, but did not identify the partner.

Based in Addison, Texas, Solis is owned by Madison Dearborn Partners, a private equity firm based in Chicago. Solis has 120 mammography centers in eight states, according to its website. That includes six Einstein locations, Jefferson said. The partnership will now include all of Jefferson’s mammography clinics.

Einstein announced its joint venture with Solis in 2017. Einstein’s final audited financial statement says its share of the Solis partnership earned $353,200 in the year that ended June 30, 2021. Einstein’s share of the partnership’s net assets was $11.9 million at the time, according to the audit.

The deal with Solis continues Jefferson’s efforts to sell businesses or form joint ventures in a bid to improve its financial position. Other recent deals include selling certain laboratory operations for $108 million, spinning off 51% of its interest in Delaware Valley Accountable Care Organization for $25 million, and transitioning 49% of its home care and hospice business for $31.7 million.