Evergreen Healthcare Group on Monday announced its acquisition of SNF operator EmpRes Healthcare, and said it will be adding 46 senior care facilities across six states to its footprint, four being seniors housing properties.
Tony Cassie, Gideon Orion and Mark Myers with Walker & Dunlop facilitated the sale.
Orion said the team had to carefully consider the value of the entire skilled nursing and assisted living business line, including the real estate owned by EmpRes and leaseholds that were being assumed in the acquisition.
“We did confidentially market the deal and had 6 very competitive offers in the process,” Orion said in an email. The economics of the deal have remained undisclosed, he added.
Orion and Cassie have closed 24 transactions valued at $770 million in skilled nursing and seniors housing over the last 12 months, including 69 SNFs and 18 senior living assets.
Evergreen CEO Issac Yenowitz said the successful acquisition of Vancouver, Wash.-based EmpRes from its CEO, Brent Weil, marks a “significant step” in the evolution of both organizations.
Prior to the acquisition, Evergreen operated 11 properties across California, Nevada and Washington. The group has strategically pursued acquisitions to strengthen its portfolio, according to a combined statement from Evergreen and EmpRes.
The companies will move forward as EmpRes Operated by Evergreen, and both organizations will “work in tandem to elevate health care excellence across communities,” the statement read.
While the 46 properties will be integrated into Evergreen, EmpRes’ Eden Health will be separating its operations with Weil at the helm of Eden Health. Eden provides home health and home care services, along with palliative care and hospice across 43 locations in 8 states, according to its website.
“With the separation of EmpRes and Eden, I am excited to continue leading Eden Health,” Weil said in a statement. “This move allows us to concentrate on our strengths while ensuring that EmpRes centers are in capable hands with Evergreen Healthcare Group. Our shared dedication to quality care assures a bright future for both organizations.”
Weil said he expects Evergreen will “take good care of EmpRes” while continuing to drive success.
Yenowitz called the acquisition a “pivotal moment” for Evergreen.
“By integrating EmpRes centers into Evergreen Healthcare Group’s portfolio, we aim to leverage our combined expertise to set new standards of care. This acquisition reflects our unwavering commitment to fostering healthier lives within the communities we serve,” Yenowitz said in a statement.
In a letter to residents, families and EmpRes staff, Yenowitz said the union of the two companies will help elevate standards of care provided, and that “the journey ahead will be marked by collaboration, inclusivity and ethical decision-making.”
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