The Ensign Group Acquires Utah Assisted Living Facility
MISSION VIEJO, Calif., June 4, 2013 (GLOBE NEWSWIRE) -- The Ensign Group, Inc. (Nasdaq: ENSG), the parent company of the Ensign™ group of skilled nursing, rehabilitative care services, home health care, hospice care, assisted living and urgent care companies, announced today that it acquired Lake Ridge Senior Living, a 69-unit assisted living facility in Orem, Utah. The Asset acquisition was effective Friday, May 31, 2013 and the transfer of operations was effective Saturday, June 1, 2013.
"This opportunistic acquisition adds assisted living services to the skilled nursing and rehabilitative services we are currently providing in Utah County," said Christopher Christensen, Ensign's President and Chief Executive Officer. "This operation enhances Ensign's synergies in this market and further demonstrates our commitment to the Utah County healthcare community," he added.
"We are anxious to build on the former owner's outstanding reputation for high quality resident services," said John Gurrieri, President of Bridgestone Healthcare, Inc., the Ensign subsidiary overseeing the transition. "We admire the great work done by the incredible team here and look forward to working together as we continue to strengthen our partnerships with patients and families to provide our residents with the quality of life they deserve," he added. He also added that Bridgestone expects operations in the property, which had an occupancy rate of approximately 72% at acquisition, to be mildly accretive to earnings in 2013.
In a separate transaction on the same day, an Ensign subsidiary also acquired Santa Maria Terrace, a 110-unit assisted living facility in Santa Maria, California, which will be operated by a subsidiary of Bridgestone.
Bridgestone and Ensign have expanded Ensign's assisted living base at an accelerated pace over the past few years, with significant acquisitions in Denver, Colorado, Ventura, California, Las Vegas, Nevada, Abilene, Texas, Salt Lake City, Utah, Dallas, Texas , Phoenix, Arizona and now Orem, Utah and Santa Maria, California.
The purchases were made with cash and bring Ensign's growing portfolio to 118 healthcare facilities, 95 of which are Ensign-owned, seven hospice companies and nine home health businesses across 11 states. Ensign affiliates hold purchase options on two of its 23 leased facilities. Mr. Christensen reaffirmed that Ensign is actively seeking additional opportunities to acquire both well-performing and struggling skilled nursing, assisted living and other healthcare related businesses across the United States.
The Ensign Group, Inc.'s independent operating subsidiaries provide a broad spectrum of skilled nursing and assisted living services, physical, occupational and speech therapies, home health and hospice services, urgent care services and other rehabilitative and healthcare services at 118 facilities, seven hospice companies, nine home health businesses and five urgent care clinics in California, Arizona, Texas, Washington, Utah, Idaho, Colorado, Nevada, Iowa, Nebraska and Oregon. More information about Ensign is available at http://www.ensigngroup.net.