By Zahida Siddiqi ProMedica is selling its Heartland hospice and home care service line to hospice giant Gentiva for $710 million. The deal, announced Monday, comes on the heels of nonprofit health system ProMedica divesting of nearly 150 skilled nursing facilities in a deal involving Welltower (NYSE: WELL) and Integra Health. ProMedica still operates about […]
Category: Acquisitions
The M&A market for distressed senior living communities has cooled in recent months despite the fact that buyers and sellers are hungry to make deals. And as the industry waits for interest rate hikes to slow, the tepid market could continue into the latter half of 2023 or beyond. The stagnation in the senior living […]
Transactions Watermark Takes Over Management of Almaden Watermark Retirement Communities announced it has assumed the operational responsibility of a California-based senior living community and has added the community to its signature program. The community – now called The Watermark at Almaden – is located in San Jose, California is Watermark’s ninth in the Northern California […]
CVS Health (NYSE: CVS) on Wednesday announced the company is buying Oak Street Health in a transaction valued at $10.6B. With the deal, CVS is gaining a new value-based primary care service line that connects older adults with primary and preventive care. Oak Street has 169 medical centers across 21 states. “This agreement will accelerate […]
Financings Oxford Finance Group Closed $867 Million Oxford Finance Group announced that its healthcare real estate group closed on $867 million worth of capital commitments in 2022 – a record for the Alexandria, Virginia-based company. Oxford Finance’s deals slanted heavily toward skilled nursing assets but also included an $81 million term loan and an $8.5 […]
Real estate development company Bonaventure is exploring senior living acquisitions in 2023 as the cost of new development and sourcing capital for projects remains high. The Arlington, Virginia-based real estate development company will look for assets that are “great buildings with great fundamentals, but they have a bad balance sheet,” according to CEO Dwight Dunton. […]
Publicly traded senior living company AlerisLife (Nasdaq: ALR) is being sold to a firm majority owned and controlled by Adam Portnoy, who is also CEO of the RMR Group. “Adam and I agree that being a privately owned rather than a publicly traded company will allow us to enhance our focus on operational excellence and […]
Margins have taken precedence as a top industry issue in recent years as operating costs have skyrocketed. But that doesn’t mean pre-pandemic margins are out of reach. To Cogir USA CEO David Eskenazy, senior living operators still have a chance to regain margins in excess of 40% — the catch is, it won’t come easy. […]
Seizing opportunities ahead of future demographic shifts, Cascadia Healthcare is launching a senior living platform following property acquisitions from the Evangelical Lutheran Good Samaritan Society. Eagle, Idaho-based Cascadia acquired 10 properties from Good Samaritan, which recently announced it is consolidating its operations by going from 22 states to just seven. Three of the newly acquired […]
One of the 10 most-read stories on Senior Housing News last year was our coverage of the Cogir and Cadence merger, announced in November. In 2023, expect more deals of this type — and larger ones — to reshape the senior living operator landscape. In fact, Senior Housing News today broke the news of Solvere […]
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