The Ensign Group, Inc. (NASDAQ: ENSG) recently announced its acquisition of Oceanview Healthcare and Rehabilitation Center, a skilled nursing facility located in Texas City, Tex.
The 134-bed facility, which had an occupancy rate of approximately 70% at the time of the Aug. 1 acquisition, will be operated by a Keystone operating subsidiary.
“The Oceanview acquisition allows us to expand our growing footprint into the key coastal retirement markets of Galveston and Texas City,” said Barry Port, President of Keystone Care, Inc., Ensign’s Texas-based portfolio subsidiary. “And the facility fits perfectly with our transformational business model, which focuses on elevating clinical quality in order to serve a much larger skilled population.”
Ensign also announced two other recent long-term care facility acquisitions, a 48-bed nursing facility in Hurricane, Utah with an occupancy rate of 75%, and a 167-unit assisted and independent living facility in Dallas, Texas with an 89% occupancy rate. Both of these properties are expected to be operationally accretive to Ensign’s earnings starting immediately; all three acquisitions were paid for in cash.
Ensign’s president and CEO, Christopher Christensen, reiterated Ensign’s objective to acquire both well-performing and struggling long-term care facilities across the United States. The recent acquisitions bring the company’s total to 99 healthcare facilities, three hospice communities, and three home health businesses in 10 states.
Written by Alyssa Gerace