ElderWood Senior Care announced it has signed an agreement to sell almost all of its assets to Post Acute Partners for an undisclosed amount.
Based in Western New York, the company has 18 facilities that are located in Western and Central New York and employs more than 3,000 people who care for over 5,000 patients and residents every year. Two facilities, ElderWood at Heathwood in Williamsville and ElderWood at Penfield near Rochester are not presently included in the sale said the company.
“I started this business because my parents had a nursing home in East Aurora. ElderWood effectively is my life’s professional work,” said Robert M. Chur, president and CEO of ElderWood Senior Care. “I am confident that the ElderWood legacy of quality care, highly trained and top-performing employees and extremely satisfied residents and their families will continue in all forms with the new owners.”
Starting in 1978, Chur built ElderWood from one facility in Williamsville into today’s thriving health-care business. In October 2010, ElderWood Health Care at Maplewood became the company’s sixth skilled nursing, subacute care and rehabilitation facility to win the prestigious American Health Care Association’s Silver Quality Award.
Post Acute Partners is a New York-based owner-operator of healthcare facilities said it plans to work with the current staff and introduce state of the art operational techniques and technology to the properties.
“The opportunity to acquire ElderWood, given it’s excellent reputation for quality of care, well maintained facilities, and high-quality staff, furthers our mission to provide the best in care along the post acute continuum,” said Warren Cole, co-founder of Post Acute Partners.
“I am extremely excited that ElderWood will become a foundation for our operations,” said Dr. Jeffrey Rubin, co-founder of PAP and partner-in-charge of operations and quality of care. “A company that has already achieved this level and consistency of quality is a rare find. We intend to continue Mr. Chur’s legacy and to add our own proven innovations in operations and technology to enhance our residents’ experience.”
The purchase still must receive approval from the Public Health and Health Planning Council and could take 18-24 months to complete.
