Mark Davis of Healthcare Transactions Group (HTG) recently closed on the sale of two senior care portfolios comprising 12 properties with 1,521 beds/units located in Ohio and Florida. HTG represented the seller, Bon Secours Mercy Health, in the sale, which came after the sale of two skilled nursing facilities and two assisted living communities in Virginia with a total of 410 beds that closed on December 1, 2021, also sold by HTG on behalf of Bon Secours.
In the current sale, the Ohio portfolio included four skilled nursing facilities with 461 beds. These included 150 beds in North Lima, 70 beds in Austintown, 125 beds in Cincinnati and 116 beds in Springfield. Set on the same campuses as the SNFs, there were also four assisted living communities with 298 units in Austintown (32 units/39 beds), North Lima (48 units/60 beds), Cincinnati (172 units/369 beds) and Springfield (46 units/88 beds). There was one 125-unit independent living community also in Springfield. This sale closed on March 1.
The Florida portfolio was much smaller, with a 274-bed skilled nursing facility in St. Petersburg as well as a 93-unit (105 beds) assisted living community, also in St. Petersburg. This sale closed on April 25.
The sales process began in late 2019 but was delayed because of the pandemic. The buyer for these two portfolios is based in New Jersey and has extensive experience operating both skilled nursing and assisted living, with an existing platform in Ohio and Florida, so this should be a good fit.
Bon Secours is a well-respected, not-for-profit Catholic health system based in Cincinnati with more than 50 hospitals in six states and Ireland. It is the fifth largest Catholic health system and one of the top 20 in the country.
Since 1996, Healthcare Transactions Group has closed more than $2.9 billion in healthcare and post-acute care mergers and acquisitions in 37 states and the District of Columbia. These transactions certainly add to that total.
