Recent Senior Care M&A Deals, Week Ending February 26, 2021
February wrapped up, and senior care M&A was quite light. But check out our recent senior care M&A deal chart. Long-Term Care AcquirerTargetPrice Focus Healthcare Partners LLCThe Mansions PortfolioN/A Elysian Senior HomesOlive Branch Estates$5.5 million Texas-based operatorSkilled nursing facility in TX$13.1 million Levante Living Trust3 senior living communities$28.0 million... Read More »
Brookdale Selling Home Health & Hospice Business
While not a surprise, since rumors had been floating around for a while, Brookdale Senior Living announced with its fourth quarter earnings that it has agreed to sell an 80% interest in its home health and hospice business (including its outpatient therapy business) to HCA Healthcare, the hospital giant. The sales price is $400 million, implying a $500 million valuation for 100% interest. This comes to about 1.36x revenues for the trailing four quarters ended December 30, 2020, and perhaps 18x to 20x 2021 normalized EBITDA. Last year, we wrote that it would be a home run if they could get any price north of $400 million, so maybe this is a grand slam since they got that... Read More »
Alta Senior Living Targets Middle Market
As it grows throughout the 2020s, the senior living industry will have to provide more “middle market” options to seniors. With that in mind, senior living veteran Douglas Brawn has launched a new operating company called Alta Senior Living. Mr. Brawn comes from Welbrook Senior Living where he was a Principal. Based in both Santa Monica, California and West Palm Beach, Florida, the vertically integrated real estate investment firm is primed to grow through value-add acquisitions and ground-up development. They plan to operate as well and will benefit from an assembled team with tenured experience in senior living M&A, development, asset management,... Read More »
Walker & Dunlop Announces Georgia Portfolio Sale
The Walker & Dunlop Investment Sales team including Joshua Jandris, Mark Myers, Brett Gardner and Jordyn Berger has closed the sale of an independent living portfolio in the Atlanta, Georgia metro area. Not only that, but Russ Dey of Walker & Dunlop secured acquisition financing through Freddie Mac on three of the properties. More details on the transaction will be revealed next week, but what we know is that the portfolio comprises four newly built, “A” quality communities, with a combined 559 units. Dubbed “The Mansions Portfolio,” the communities were previously owned by a consortium of local and out-of-state developers. Focus Healthcare Partners was the buyer. Stay tuned next... Read More »
Ziegler Closes Nine-Figure Refi
Investment banking firm Ziegler closed a $114.82 million tax-exempt refinancing for Springpoint Senior Living, a major regional not-for-profit provider based in New Jersey. Springpoint operates eight CCRCs (LPCs) in New Jersey and Delaware, 19 affordable housing communities, a home care agency and a continuing care at home program. Springpoint formed a new obligated group for this refinancing, which consists of the corporate entity plus the six CCRCs in New Jersey. The new financing repaid outstanding debt and also reimbursed the obligated group for $25 million in recent capital expenditures. The $114.82 million bond issue was rated BBB+... Read More »Schedule a demo
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