West Side Business News & Notes
Summa, HealthSpan Partners close deal
DOWNTOWN AKRON — Summa Health System closed on a partnership transaction Sept. 30 that makes HealthSpan Partners a minority owner in the Akron-based health care system.
According to Summa officials, HealthSpan Partners, an auxiliary organization of Catholic Health Partners, invested $250 million to become a 30 percent owner of Summa Health System. HealthSpan Partners is a secular, tax-exempt organization that invests in innovative health care ventures.
The agreement concludes a two-year process initiated by the board of Summa Health System to find a like-minded, not-for-profit partner to strengthen Summa financially and better equip the system to tackle the challenges of health care reform, according to company officials.
“We are delighted to be partnering with HealthSpan Partners and look forward to working together for the benefit of Northeast Ohioans,” said Thomas Strauss, president and CEO of Summa Health System. “HealthSpan Partners is a great fit as we fulfill our mission as a safety-net provider, caring for everyone, regardless of their ability to pay.”
Through the partnership, which originally began with Catholic Health Partners, Summa Health System will continue to be locally governed while gaining the strength of a partner with resources across the state to help it realize economies of scale and operational improvements.
Catholic Health Partners was the original proposed investor in Summa Health System, but after review of the planned transaction, the approach was changed and HealthSpan Partners was designated as the investor, Summa officials said.
As part of the agreement, Summa Health System and HealthSpan Partners agreed to a statement of common values that includes a provision stating they will not perform direct abortions or euthanasia, neither of which they perform today.
Krieger family says road project changed
CUYAHOGA FALLS — Officials at Krieger’s Health Foods Market said an alternative design has been agreed to for a road-widening project that had threatened to take several parking spaces from the business.
Mike, Jean and Sarah Krieger said in a statement released by their attorneys Sept. 30 that the Ohio Department of Transportation (ODOT) and the cities of Cuyahoga Falls and Stow have approved a design for the widening of Graham Road that will eliminate the need to expand on the Kriegers’ property. The alternate design is based on a symmetrical widening that will use to the fullest extent the existing rights-of-way to the north and south of Graham Road, the family said in the statement.
Martin Pangrace, an attorney representing Krieger’s, said the new design does not have to go before Cuyahoga Falls City Council.
When contacted about the revised plan, Cuyahoga Falls officials referred questions to Stow officials. By presstime, messages left had not been returned.
In the statement, Krieger’s officials said the store would remain open during road construction. In addition, Falls and Stow officials agreed that the resurfacing work will not require the closure of more than one entrance to the store at any given time. The main back entrance to the parking lot off Wyoga Lake Road would remain open throughout the construction, the family added.
The Krieger family also expressed their thanks to the nearly 8,000 people who signed petitions of support for the business as it worked to change the construction plans.
Nearly three years ago, residents mobilized to support the longtime business when Falls officials said the site would be affected by the planned Graham Road widening. The city had considered the use of eminent domain to acquire property for the project at the time.
D&E Financial Services hosting open house in new offices
MERRIMAN VALLEY — D&E Financial Services Inc. has announced the opening of its new offices.
To celebrate, the company will host an open house for the public Oct. 9 from 4 to 7 p.m. with refreshments, raffles and giveaways. The evening also will feature a brief presentation from Tom Nugent, chief investment officer from PlanMember Services.
Nugent will discuss the current economic environment at 4:30 p.m. and will be available to discuss questions posed by guests.
D&E Financial Services Inc. was founded in Akron in 1986 and has grown into a full-service investment firm specializing in the retirement needs of nonprofit, governmental and educational employees and employers throughout the Ohio area. D&E Financial Center is the sole PlanMember Financial Center in Ohio and works with employer groups, including The University of Akron, Kent State University and Akron Public Schools.
“My experienced staff and I are eager to provide personalized financial services to individuals in our community,” said Dave Brown, president of D&E Financial Services.
Representatives include Bryan Hummel, Dick Bonnell and Ron Scalera.
D&E is located at 1653 Merriman Road, Suite 201. For more information, visit www.definancial.net.
Lifesource Yoga expands studio space, offers musical events
BATH — Lifesource Yoga, located at 300 N. Cleveland-Massillon Road, Suite 2, has expanded with a 1,900-square-foot addition and now has three studio spaces.
This extra space will host activities including larger classes, musical events, workshops and bodyworks services.
Lifesource also offers a new meditation room. According to company officials, a teacher training area in the new space focuses on instructor development and personal growth aligned with the licensure requirements of Yoga Alliance. In January, Lifesource will begin its second session of teacher training.
Monthly, the studio now hosts musical events. Previous acts have included Enchanted Hearts, Vandanam and Sound Healing with Paradiso and Rasamayi. October’s feature is a Kirtan chanting evening led by Michael Cohen. The event will take place Oct. 18 at 7 p.m. Cohen returns to Ohio after a weeklong “Learn to Lead Kirtan” weekend of teaching and performing in Boulder, Colo.
Lifesource Yoga has been voted “Best Yoga Studio” in Akron-Canton’s Hot List for four years (2009, 2010, 2011 and 2013).
Kathleen Folkerth and Stephanie Kist contributed to these reports.
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