July’s M&A results surprised us a bit, with a summer lull in activity perfectly understandable. Instead, dealmakers announced nearly 60 publicly announced transactions, good for fifth place in the all-time monthly record. For some perspective, last July we recorded 42 deals, and July 2022 saw 44 transactions announced, which is more typical of the slow summer months.
Some of the credit has to go to the many brokers working tirelessly to get deals across the finish line, often with many bumps along the way. Blueprint had a banner month, closing $310 million in seniors housing and care transaction volume across 10 transactions. The deals consisted of 22 total assets and around 3,300 beds and units.
Some of the details of these closings will be released later in August, but the biggest deal was the July closing of the White Oak Senior Living’s portfolio. National HealthCare Corporation (NHC) announced the acquisition at the start of June, which comprised 15 properties and nearly 2,300 total units of skilled nursing (1,928 beds), assisted living (48 units) and independent living (302 units). White Oak’s portfolio consists of three CCRCs and three additional SNFs in North Carolina, and including one leased facility. In South Carolina, the portfolio consists of nine skilled nursing facilities, one of which also includes assisted and independent living units. Included in the acquisition was White Oak’s long-term care pharmacy.
NHC already operated multiple SNFs in South Carolina, but the acquisition represented its entry into North Carolina. The company expects the acquisition to be accretive to its earnings and create several long-term operational efficiencies. Steve Thomes, Brooks Blackmon and Kory Buzin of Blueprint handled the transaction.
