Blueprint was engaged by Michael F. Flanagan, the duly appointed receiver of Spartan Holdco, LLC, et al. and approved by the Oakland County Circuit Court to run a marketing process sourcing qualified overbids for the auction sale of the SKLD (Skilled Living and Development) portfolio. Dubbed Project Spartan, the portfolio comprises eleven skilled nursing and senior care facilities with 1,330 licensed beds located across the Detroit and Grand Rapids, Michigan MSAs.
The receiver was appointed in January 2024 and retained Hyper Care Management Solutions, LLC to operate the facilities. In January 2025, the stalking horse was selected and contracts were approved by the court, after which Blueprint was approved to begin its marketing campaign. Michael Segal and Daniel Waldhorn handled the transaction.
That was a good decision to bring in Blueprint, as there was considerable market interest with multiple qualified overbids, resulting in a competitive auction process that yielded nearly $20 million in additional gross sale proceeds above the stalking horse bid. Optalis Healthcare was the top bidder.
The portfolio was ultimately bifurcated with Optalis acquiring seven facility locations and the stalking horse acquiring four facilities. The result was the best opportunity for the stakeholders to realize the highest value for the purchased assets and allowed for the highest degree of execution certainly throughout the sale process. The facilities acquired by Optalis are SKLD Beltline, SKLD Leonard, SKLD Ionia, SKLD Bloomfield Hills, SKLD Wyoming, SKLD Muskegon, and SKLD Whitehall.
Optalis plans to invest in facility upgrades as needed, clinical training and new technology to ensure high-quality outcomes and resident satisfaction. The company has now expanded to 41 locations in Michigan and Ohio including skilled nursing and assisted living, and is now the fourth largest skilled nursing provider in Michigan.
