Funds affiliated with Cressey & Company, a private investment firm specializing in advancing healthcare services and information technology enterprises, have acquiredHealthDrive, a prominent provider of multi-specialty clinical services to residents of long-term care (LTC) facilities. The purchase was made from Bain Capital Double Impact.

Cressey’s involvement through affiliated funds marks a strategic move to amplify HealthDrive’s mission of delivering top-tier healthcare to LTC facility residents. HealthDrive’s comprehensive range of onsite clinical services caters to older adults in institutional care settings. With a team of over 500 clinicians, the organization offers primary care, podiatry, vision, dental, behavioral health, and audiology services. This yearly assistance extends to more than 150,000 LTC residents across 20 states within over 3,800 LTC facilities.

The partnership with Cressey is poised to bolster HealthDrive’s commitment to offering consistent and comprehensive clinical services to LTC residents. This collaboration aligns with HealthDrive’s aim to extend its reach to new regions and enhance its existing services across the United States.

“Cressey’s involvement will allow us to continue our mission of enhancing health outcomes and quality of life for LTC residents, hand in hand with LTC facilities nationwide,” Dan Baker, CEO of HealthDrive, said in a press release. “With Cressey’s rich experience in fostering healthcare services companies and their dedication to quality and innovation, we’re excited to expand our clinical practices and develop novel care delivery methods in collaboration with our LTC partners.”

Champaign Urbana Nursing & Rehab Changes Hands

Evans Senior Investments (ESI) has achieved a successful transition in the ownership of Champaign Urbana Nursing & Rehab, an Illinois-based facility. Acting on behalf of a regional owner-operator, ESI orchestrated the smooth sale of the property.

Mozart Healthcare emerged as the buyer, entrusting the operation of the facility to Accolade Healthcare. Having initially been established in 1975, Champaign Urbana Nursing & Rehab has a license for 213 skilled nursing beds.

ESI said that during the marketing phase, the facility’s occupancy stood at 49%. However, the challenges posed by the Covid-19 pandemic, which led to admissions bans and limitations on elective surgeries, resulted in a significant dip in occupancy. At its lowest point in 2021, the occupancy rate plummeted to 38%.

“Even amidst the complexities of the community’s Special Focus Candidate status, the buyer managed to secure traditional financing in the face of the challenging lending climate,” Brendan DeSilvia, an associate at Evans Senior Investments, said in a press release.

Blueprint facilitates sale of St. James Health and Rehabilitation Center

Blueprint successfully oversaw the strategic sale of St. James Health and Rehabilitation Center, a 90-bed skilled nursing facility nestled in the picturesque Carrabelle community in the Florida Panhandle. This accomplishment was achieved on behalf of a public real estate investment trust (REIT) and its operational partner.

St. James Health and Rehabilitation Center, established in 2008, has been a key healthcare provider in the region. The facility, predominantly featuring semi-private rooms, served as an essential establishment for skilled and long-term care services for both local and neighboring communities. Its unique position as the sole facility of its kind in Carrabelle, with the nearest competitor situated over 30 miles away, underscored its significance.

Blueprint said the decision to sell St. James came as part of the operator’s strategic focus on its core areas of concentration, primarily within the Midwest and Mid-Atlantic regions.

Blueprint said a strategic East Coast-based investor, partnering with a Southeast regional operator keen on expanding into Florida, was selected as the new owner.