Health Services Corp. sold to MedAssets

Business Today

Health Services Corp. of America was started three decades ago and became a successful purchasing organization for hospitals.

The Cape Girardeau-based company was sold in a multimillion-dollar deal to MedAssets Inc., with offices in Alpharetta, Ga., and Northbrook, Ill.

Earl Norman, chairman of the board and chief executive officer of HSCA, which owns the company's headquarters at Lorimont Place, 840 S. Mount Auburn Road, announced the sale May 9.

Included in the acquisition is an agreement for MedAssets to lease Lorimont Place with an option to purchase it within two years. The complex includes the four-level, 60,000-square-foot HSCA corporate headquarters building, 32,000 square feet of retail lease space, a two-level parking garage and 1.3-acre area designed to accommodate up to a 12,000-square-foot anchor tenant with available land options.

The acquisition established MedAssets as one of the four largest group-purchasing organizations in the United States. It gives the company combined purchasing power of more than $4.5 billion in existing contracts with 13,000 members nationwide. Through group purchasing, the companies offer medical equipment and supplies to hospitals at lower costs.

Norman will remain a shareholder of MedAssets and serve on the MedAssets board.