The Ensign Group, Inc. (NASDAQ:ENSG), the parent company of the Ensign group of skilled nursing, rehabilitative care services, hospice care, and assisted living companies, announced on Dec. 5 that is has acquired a Nevada skilled nursing facility for an undisclosed sum.
Located in Reno, Nevada, 99-bed Rosewood Rehabilitation Center had a 69% occupancy rate at the time of the acquisition, which was effective on Dec. 1.
The acquisition was “strategic” to expand Ensign’s presence in the area, according to Cory Monette, President of Ensign’s Northern California-based Northern Pioneer Healthcare, a subsidiary of which will operate Rosewood.
The facility was formerly operated by the Morton family for five years, and its sale was prompted by the pending retirement of long-time administrator Tom Morton.
Rosewood is expected to be operationally accretive to Ensign’s earnings in 2012; an Ensign holding subsidiary purchased Rosewood with cash.
The acquisition brings Ensign’s portfolio to 101 health care facilities, three hospice communities, and four home health business in 10 states, and the group confirmed that it is actively seeking additional acquisition opportunities.
Written by Alyssa Gerace