The Ensign Group (NASDAQ:ENSG) announced on Wednesday that it had acquired Hillcrest Haven Convalescent Hospital, a 113-unit skilled nursing facility in Pocatello, Ida. The asset acquisition was effective on Thursday, March 1.
“We look forward to enhancing the quality of skilled nursing care services provided to Hillcrest Haven’s present and future patients, and helping them achieve and maintain the quality of life they deserve,” said Brian Newberry, President of Milestone Healthcare, Inc., a subsidiary of which will operate Hillcrest.
Milestone expects operations in the Hillcrest property to be operationally dilutive to earnings in 2012. At the time of acquisition, the facility’s occupancy rate was approximately 45%.
Ensign made the purchase with cash, and now has a portfolio of 104 healthcare facilities, 79 of which are Ensign-owned.
Written by Alyssa Gerace