Mitchell Family Office (MFO) has acquired the skilled nursing division of American Health Partners, which was formerly owned by an employee stock ownership plan (ESOP). Having experience with ESOPs, with their transaction closed for a major Midwest senior care operator last week, Lument arranged a $168 million bridge loan to support MFO’s acquisition. Conner Girdley and Brandon Gill handled the transaction for Lument and were brought on in late summer 2020 to act as placement agents.
Proceeds of the loan were used to acquire the skilled nursing portion of the acquisition for an undisclosed price. In addition to its 29 skilled nursing facilities, the company is also focused on inpatient and outpatient rehabilitative services, I-SNPs, acute psychiatric and behavioral care, home health, private duty nursing and hospice services, and institutional pharmacy services. Its current executive team will remain with the company, while MFO will provide the capital and resources for American Health Partners to expand. The plan is to refinance the SNF bridge loan with HUD.