SK3 Group (PINK SHEETS:SKTO) announced it has signed a definitive agreement to acquire Northwood’s Village Assisted Living, LLC of Tomahawk, Wisconsin for an undisclosed amount.
The planned assisted living community will be housed in the building and grounds of the former Sacred Heart Hospital. The building and parking areas of the proposed Northwood’s Village campus encompass more than one city block and includes approximately 100,000 square feet under roof.
A Community Development Block Grant applied for by the Lincoln County Economic Development Agency identified the facility as an excellent candidate for redevelopment. While the majority of the space will be dedicated to quality assisted living facilities, plans for Northwood’s Village also include an international travel nurses agency and training center, associated community services, and an Emergency Disaster Center.
“Northwood’s business plan is aligned well with SK3’s mission to include the most dynamic healthcare services and facilities, particularly those responsive to the needs of our senior population,” said Kelvin Pan of SK3’s. “Northwood’s Village will allow us to expand our services reach into a new Midwestern market while supporting the establishment of a vertically-integrated assisted living system on a scale never seen before in the region.”
The acquisition is the fourth addition to SK3’s growing portfolio of healthcare businesses which recently purchased W&M Medical Management, Inc., PRN Registry, and HealthStaff Training Institute.