The Ensign Group Inc. (Nasdaq: ENSG) announced acquisitions of two skilled nursing facilities (SNFs) on Monday.
TriState Health and Rehabilitation Center, a 116-bed skilled nursing facility, is located in Harrogate, Tennessee.
In a parallel transaction on the same day, Ensign also bought Hearthstone Health and Rehabilitation, a 125-bed skilled nursing facility located in Sparks, Nevada, further expanding its national presence.
With these acquisitions, Ensign’s growing portfolio now includes 299 healthcare operations, 27 of which also include senior living operations, spanning across fourteen states. Ensign subsidiaries, including Standard Bearer, own 113 real estate assets.
Barry Port, Ensign’s Chief Executive Officer, said the acquisition of TriState Health and Rehabilitation Center is part of the company’s strategic expansion plan.
“This acquisition is a significant milestone for our organization, as this is our first skilled nursing facility in Tennessee,” he said. “We have been carefully reviewing opportunities for years in and around Tennessee and this opportunity was a great fit. We could not be more excited and believe we have the leadership in place for a successful transition into a new state.”
The acquisition is structured as a long-term, triple net lease, providing Ensign with a stable foundation to deliver high-quality care to the residents of TriState Health and Rehabilitation Center. Ensign said it is confident in its ability to seamlessly integrate the facility into its existing portfolio.
“We are excited to welcome this devoted team of caregivers into the Ensign family and to deliver excellent care to the residents we are honored to serve,” Tyler Albrechtsen, President of Rocky Top Healthcare LLC, Ensign’s Tennessee-based subsidiary, said. “We have been very impressed with the team at this operation, and we look forward to providing additional resources to support them.”
Alta Rehab Acquires Three Skilled Nursing Facilities in Chicago
Alta Rehab, based in Lincolnwood, Illinois, bought three skilled nursing communities in the greater Chicago area. The transaction, facilitated by Senior Living Investment Brokerage (SLIB), involved a total of 491 beds.
“This transaction was a win-win for both buyer and seller,” Ryan Saul, SLIB managing director said. “The seller was able to exit the skilled nursing business and turn over operations to an experienced operator with significant resources. The buyer was able to acquire three trophy assets in the Chicagoland (markets) to expand their portfolio.”
SLIB stated that the three communities included in the Lancaster Portfolio are widely recognized as the pinnacle of nursing care in the area, boasting CMS 5-Star ratings and accreditation from the Joint Commission on Accreditation of Healthcare Organizations (JCAHO).
SLIB said the seller was a privately owned, family run company that was looking to exit the skilled nursing space.
“After COVID and the evolution of the industry it became clear to the seller that this portfolio would thrive better with a new owner that had more communities with more resources,” the SLIB press release noted.
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