What Am I Missing?

The Cerberus-Caritas tie-up is a mystery to me.

You’ve got a deep pocketed investor with no discernible links to this industry, and a reputation for being tough-minded financial engineers, not operators. And the deal announcement suggests a interest in follow-on investments nationally in the sector.

Meanwhile, you’ve got this weekend’s reforms on the federal level, a state government that seems to want to play an even larger role in this market, and Caritas’ portfolio of hospitals, most of whom play vital roles in their communities (that won’t react well to much cost-cutting).

Cerberus must have something in mind. What is it?

PS — Nice work by whomever is doing Caritas’ PR — the banner ads on the Globe article about the deal are for Caritas’ explanation of the transaction.