Bon Secours Mercy Health decided to exit the skilled nursing and assisted living business in Virginia, and we learned that they hired Healthcare Transactions Group (HTG) to serve as exclusive M&A advisor. The portfolio includes two nursing facilities located in Suffolk, Virginia (Maryview Nursing Care Center, 120 beds) and Newport News (St. Francis Nursing Center, 115 beds).
The acquisition also includes two assisted living communities, consisting of Province Place of DePaul in Norfolk (97 beds) and Province Place Maryview in Portsmouth (78 beds). This represents a nice little cluster for the buyer, a private equity investor based in New Jersey that wanted to expand its existing platform in Virginia.
The sales process started just before the pandemic and then was put on hold for a while, like many transactions. Bon Secours decided it wants to focus on its core acute care business. Mark Davis and Steve Palmen of HTG negotiated the deal, which closed on December 1. No price has been disclosed yet. Bon Secours is the fifth largest Catholic health system with 50 hospitals, and is based in Cincinnati, Ohio.
