Oxford Finance LLC closed a term loan and revolving line of credit totaling $64.6M to fund the Portopiccolo Group’s purchase of three nursing homes.
The N.J.-based Portopiccolo, a family-owned private equity firm focused on skilled nursing assets, acquired one facility in Maryland and two in North Carolina, totaling 450 skilled beds and 50 assisted living beds.
“Portopiccolo’s growth is the result of a clear vision and proven investment strategy of the firm’s principals,” Tracy S. Maziek, head of health care services at Oxford Finance, said in a statement announcing the deal. “This closing is Oxford’s second with Portopiccolo — we are thrilled to be part of the company’s small group of trusted partners.”
SC&H Capital Advises on Sale of Idaho SNF
SC&H Capital advised its client, Bell Mountain Village, on the sale of two 16-bed skilled nursing facilities and a 16-bed assisted living facility.
The Maryland-based investment firm’s distressed M&A services team was the court-approved investor in finding a buyer for the Idaho-based Bell Mountain Village in a bankruptcy auction.
The facility was sold to Cascadia Real Estate, LLC; Cascadia Healthcare, Cascadia’s parent company, which has a large owner/operator skilled nursing footprint in Idaho.
The Idaho nursing home transaction highlights the first closing with SC&H Capital’s distressed M&A services team, formerly known as Equity Partners.
“This health care M&A transaction is a great start for us as part of SC&H Capital. We are seeing a large number of clinical health care operators struggling through workouts and bankruptcies,” Ken Mann, managing director of SC&H Capital’s distressed services team, said in a statement.
Bell Mountain Village and Care Center offers both skilled nursing and assisted living options, with physical, occupational, speech, and recreation therapy, as well as outpatient therapy services.
The firm’s comprehensive process created far-reaching market interest, and negotiations involved a number of experienced bidders in the bankruptcy auction.
Eventus Announces Acquisition of Indiana Multi-Speciality Geriatric Group
Private-equity backed Eventus WholeHealth announced the acquisition of Indiana-based Extended Care Specialists (ESC), a multi-specialty geriatric health care services group.
The North Carolina-based Eventus, a physician-led medical group that serves nursing homes and assisted living facilities, used the transaction to expand its long-term care footprint in Indiana, Ohio, and Kentucky.
“Eventus and ECS have been working on the same problem in separate geographies: How to deploy cross-specialty medical teams with a whole-patient approach that improves outcomes for some of the most vulnerable people in our care,” Eventus CEO Grace Terrell said in a statement. “We look forward to sharing best practices across the combined platform and improving the value and care we provide for all our patients.”
The merger will result in a combined total of almost 400 employees reaching more than 25,000 patients in 500 long-term care facilities.
The partnership will combine ESC’s primary care, psychiatric, wound care, and behavioral health services with Eventus’s value-based services involving psychiatry, internal medicine, optometry, amongst others.
The two companies will begin joint operations as Eventus WholeHealth immediately, with ESC co-founders Cathy Yaggy and Susan Hailey remaining in clinical leadership roles.
Eventus is backed by New York-based Enhanced Healthcare Partners.