The Ensign Group Expands in South Texas with Senior Care Campus
The Ensign Group may have just spun off its senior living assets into a new entity named The Pennant Group, but the firm can’t fully shake the seniors housing business, acquiring a senior care campus with 38 assisted living and 92 independent living units, along with 60 skilled nursing beds. Located in the town of Harlingen, the campus complements five other Ensign operations in south Texas, including another 82-bed skilled nursing facility in Harlingen that the company acquired from The Evangelical Lutheran Good Samaritan Society in 2009. Ensign acquired both the operations and real estate in this transaction, bringing its portfolio to 198 skilled nursing operations, 27 of which also... Read More »
Cascade Capital Continues to Grow
Cascade Capital Group announced a few large transactions totaling 15 skilled nursing and assisted living facilities with more than 1,550 licensed beds for a combined purchase price of $130 million. In one of the transactions, Cascade purchased eight skilled nursing facilities in California that are being leased to The Ensign Group and The Providence Group, with the majority going to Ensign. Five have been transitioned and three more will be transitioned over the next few months. Sector Financial provided senior financing for the acquisition and Formation Lending Group provided the mezzanine debt. In the second transaction, Cascade acquired five skilled nursing facilities and two assisted... Read More »
The Ensign Group to Split Up
Talk about a surprise move. The Ensign Group announced that it will be spinning out its home health and hospice business and substantially all of its senior living operations, plus its mobile diagnostic and clinical lab operations, into a separate publicly traded company called The Pennant Group. Ensign will become a stand-alone skilled nursing company but will also continue to own the real estate of 28 of the senior living communities and lease them to Pennant. The remaining 23 senior living properties are leased from third parties. While it makes sense for Ensign to want to focus just on skilled nursing because the business is getting increasingly complex, we are not sure why they want... Read More »
Ensign Adds Arizona and California Campuses
The Ensign Group added to its expanding portfolio with two large acquisitions in Arizona and California. First, the company purchased two large senior care campuses in Peoria and Mesa, both in the Phoenix MSA. The Peoria campus includes a 150-bed skilled nursing facility and a 70-unit independent living community, while the Mesa property features a 58-bed SNF and a senior living community with 88 independent living and 18 assisted living units. They were both previously operated by a faith-based not-for-profit, so we imagine some expense controls are in store. Ensign’s Arizona-based subsidiary Bandera Healthcare will take over operations. Then, to California, where Ensign acquired the... Read More »Schedule a demo
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