PACS Group (NYSE: PACS) on Tuesday announced the acquisition of operations at 32 skilled nursing facilities across Florida, which will be leased from subsidiaries of Omega Healthcare Investors (NYSE: OHI).
The 32 properties have a combined 4,049 licensed skilled nursing beds throughout the state, significantly expanding PACS’ reach in the South and complementing 71 existing operations in Texas, South Carolina, Tennessee and Kentucky.
“Entering a new state and expanding into a dynamic new market is an exciting opportunity for PACS,” said CEO Jason Murray. “Florida represents an attractive, high-growth market that aligns with our long-term strategy of expanding into areas with strong demographic demand and opportunities to enhance care delivery.”
Josh Jergensen, PACS president and COO, said PACs is excited to partner with the Florida facilities and their local leaders, and leverage its locally led, centrally supported model.
“This transaction reflects our disciplined approach to growth,” said Jergensen. “We pursue opportunities where we believe local leadership, supported by the PACS operating model, can thrive and continue serving residents and communities at a high level. We look forward to supporting these teams and building on the strong foundation already in place.”
The acquisition is expected to close in the fourth financial quarter.
In addition to the Florida news, PACS announced an update to its acquisition of Eduro Healthcare facilities, closing on 11 SNFs owned and operated by Eduro, on top of the 20 properties that closed last month.
PACS has completed 31 of 34 acquisitions of the previously announced transaction, comprising 3,633 beds.
All closings bring PACS’ portfolio to 355 buildings and expands the company’s reach to three new states: New Mexico, North Dakota and South Dakota.
“Our model is built on the belief that healthcare is local and that great outcomes start with strong, empowered leaders,” said Murray. “These communities are a natural fit for PACS, and we’re excited to support their teams as they build on what’s working, strengthen care, and create even better outcomes for the residents they serve.”
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