PACS Group (NYSE: PACS) announced Tuesday that it has finalized its acquisition of operations of 53 skilled nursing, assisted and independent living facilities from Prestige Care.
The nursing home giant said it’s bringing its proven model to new geographical areas, including the Pacific Northwest for the first time as well as to five new states: Alaska, Idaho, Montana, Oregon and Washington. This also enables PACS to establish a Senior Living vertical as it boosts its senior living portfolio from 16 to 37 communities, the company said in a press release.
“PACS is committed to growing as a legacy company,” said Jason Murray, PACS’ Chairman and CEO. “Our aim is to expand our presence as a leader in post-acute care and serve more people through our focus on their care, well-being and quality of life.”
The acquired facilities span eight western states with 21 facilities in Oregon, 19 in Washington, six in Idaho, three in Nevada and one facility each in Alaska, Arizona, California and Montana. Collectively, the facilities comprise 2,511 skilled nursing beds and 1,334 assisted living and independent living units.
“We saw this as a valuable opportunity to bring our mission-driven approach to more residents, professionals and communities – especially because of the cultural alignment between PACS and Prestige, as well as the post-acute and senior living landscapes in these markets,” said Josh Jergensen, PACS’ President and COO. “We will uphold our deep commitment to empowering local leaders and their staff who know their residents, their families and communities the best and supporting them with resources to elevate healthcare.”
PACS executive team as well as its operations and human resources teams have worked closely with Prestige leaders to uphold and protect operations without disruption during the integration, the press release noted.
PACS Group is a holding company investing in post-acute healthcare facilities, professionals, and ancillary services. Founded in 2013, PACS Group is one of the largest post-acute platforms in the United States. Its independent subsidiaries operate over 276 post-acute care, assisted living, memory care, and independent living locations across 15 states serving over 29,000 patients and residents.