University General Health System (UGHS) said it executed an asset acquisition agreement to obtain certain assets and liabilities of senior living communities in Texas and Tennessee.
In addition, the agreement would give them majority ownership of TrinityCare Senior Living, LLC, a Texas-based developer and manager of senior living communities.
The purchase includes Trinity Oaks of Pearland (Texas), Trinity Shores of Port Lavaca (Texas) and Trinity Hills of Knoxville (Tennessee), as well as an equity purchase of the majority of TrinityCare Senior Living, which currently manages additional communities in Georgia.
According to UGHS, the transaction is expected to increase its net assets by nearly $37 million and its net equity by nearly $14 million.
“The expansion in our strategic growth parameters to include senior living communities allows us to further diversify our health delivery network,” said Hassan Chahadeh, M.D., Chairman, President and Chief Executive Officer of University General. “In order to meet the needs of the full spectrum of care necessary in today’s volatile medical environment, we must constantly explore areas of healthcare wherein we can integrate our existing services with quality providers.”
The acquisition was approved by a super majority of the owners of TrinityCare and unanimously by the board of directors of University General.
“Becoming part of the University General Health System will provide an excellent opportunity for our residents to access quality health care, while creating synergies between the medical staff at University General Hospital and our regional communities,” stated Donald W. Sapaugh, Chief Executive Officer of TrinityCare Senior Living, LLC.