MISSION VIEJO, Calif., June 3, 2014 (GLOBE NEWSWIRE) -- The Ensign Group, Inc. (Nasdaq:ENSG), the parent company of the Ensign™ group of skilled nursing, rehabilitative care services, home health care, hospice care, assisted living and urgent care companies, announced today that it acquired two skilled nursing facilities located in Clintonville, Wisconsin: Pine Manor Healthcare Center, a 95-bed skilled nursing facility and Greentree Health & Rehabilitation Center, a 60-bed skilled nursing facility. The acquisitions were effective June 1, 2014.
"We are excited to establish a presence in the State of Wisconsin and look forward to being a strong contributor to the state's healthcare system for many years to come," said Christopher Christensen, Ensign's President and Chief Executive Officer. "These acquisitions, along with the purchases we completed earlier this year, demonstrate that Ensign's approach to growth, which includes buying and owning real estate, continues following our recently completed spin-off transaction," he added.
"We are fortunate to inherit a wonderful team of caregivers at each of these facilities, and we are eager to continue in their tradition of meeting and exceeding the clinical, emotional, and social needs of the residents and their families," said Michael Clegg, President of Gateway, the Ensign subsidiary responsible for operations throughout the Midwest. He also added that he expects that these facilities, which had a combined occupancy rate of 70% at acquisition, to be mildly accretive to earnings in 2014.
Ensign purchased the facility with cash and will retain ownership of the real estate for both facilities. These acquisitions, along with the Washington and Colorado acquisitions completed on the same date, bring Ensign's growing portfolio to 126 healthcare facilities, eight hospice companies, ten home health agencies and eleven urgent care clinics across 12 states.
In a separate transaction on the same day, an Ensign subsidiary also acquired Englewood Post-Acute and Rehabilitation, an 82-bed skilled nursing facility in Englewood, Colorado and Rainier Rehabilitation, a 117-bed skilled nursing facility in Puyallup, Washington. Ensign is operating Rainier and Englewood under a long-term master lease arrangement.
Since Ensign first announced its recently-completed spin-off of CareTrust REIT, Inc., it has acquired 9 facilities and purchased and retained the real estate in 7 of those transactions, bringing the total number of Ensign-owned properties to 8 facilities. Mr. Christensen reiterated that Ensign is actively seeking additional opportunities to acquire real estate or to lease both well-performing and struggling skilled nursing, assisted living and other healthcare related businesses across the United States.
The Ensign Group, Inc.'s independent operating subsidiaries provide a broad spectrum of skilled nursing and assisted living services, physical, occupational and speech therapies, home health and hospice services, urgent care services and other rehabilitative and healthcare services at 126 facilities, eight hospice companies, ten home health businesses and eleven urgent care clinics in California, Arizona, Texas, Washington, Utah, Idaho, Colorado, Nevada, Iowa, Nebraska, Oregon and Wisconsin. More information about Ensign is available at http://www.ensigngroup.net.
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Source:The Ensign Group, Inc.