Well, well, well. Three months ago, after reviewing Welltower’s second quarter earnings call, we questioned how long ProMedica Health’s board would continue to subsidize huge operating losses suffered by its subsidiary, ProMedica Senior Care, under its joint venture with Welltower. It turns out, not much longer.
Both companies just announced that the 147 nursing facilities, formerly known as the HCR ManorCare portfolio, were being sold to a new joint venture between Welltower and Integra Health (or possibly Integra Healthcare Properties). Not to be confused with California-based Integral Senior Living with more than 100 communities, or
IntegraCare with 18 communities in three states, or a physician group based in Louisiana called Integra Healthcare. It’s a popular name.
As far as we have been able to determine, “Integra Health” will be part of Perigrove, a New York City-based PE firm founded by David Gefner in 2012. The “new” Integra has entered into a joint venture with Welltower with an 85/15 structure, with Welltower keeping the majority. For more details on this transformational deal, please see the story below on Welltower’s third quarter earnings.
