An aging population, a decades-worth of revenue growth and an extensive post-acute network has ushered the founder of one nursing home operator into billionaire status, reports Bloomberg.
All of these elements have been a boon to Life Care Centers of America, Inc., a company that manages more than 200 facilities with 31, 255 beds in 28 states, and provides long-term, post-acute and short-term rehabilitation services, as well as home care via its subsidiary Life Care Home Health, Inc.
In the past decade, the Cleveland, Tenn.-based company, headed by Founder and Chairman Forrest Preston, has seen revenue jump 81% to $2.9 billion, according to PrivCo, a New York firm that analyzes private company performance.
The sole shareholder of the company, Preston’s stake is valued at $2.3 billion, based on what Bloomberg notes as the average enterprise value-to-sales and enterprise value-to-earnings before interest, taxes, depreciation and amortization multiples of Life Care’s five publicly traded peers—Brookdale Senior Living (NYSE: BKD), Five Star Quality Care Inc. (NYSE: FVE), The Ensign Group (NASDAQ: ENSG) and National HealthCare Corp. (NYSEMKT: NHC).
Read more at Bloomberg.
Written by Jason Oliva
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