NEW HANOVER COUNTY — The New Hanover County Endowment received $12.8 million from NHW Healthcare, Inc., the nonprofit entity charged with managing the wind-down process of Novant’s 2021 purchase of the county-owned hospital.
“The scale of this investment in our community is hard to overstate,” said New Hanover County Board of Commissioners Chair Bill Rivenbark. “This investment is dedicated to strengthening our county, both now and for future generations, and is an extraordinary legacy. This is exactly what the sale was meant to achieve – a lasting benefit that will continue to serve our residents in meaningful ways.”
The $12.8 million comes from funds set aside to cover liabilities related to the 2021 hospital sale. After the recent $12.8 million transfer, the New Hanover County Endowment has received approximately $1.35 billion in funding.
The county engaged financial advisor SOLIC Capital Advisors, LLC in the fall of 2020 to oversee regulatory and liability matters of the hospital sale for a $20,000 retainer fee and monthly service fees ranging from $100,000 to $225,000 over a six-month period. Solic’s role included overseeing financial accounting, vendor and employee liabilities, and indemnity claims.
According to a 2021 financial audit, Solic president Neil Luria became NHW Healthcare Inc.’s CEO after Novant’s purchase of New Hanover Regional Medical Center in February 2021. NHW Healthcare Inc.’s most recent financial statement states the entity had $56.6 million in total assets in September 2022.
