MISSION VIEJO, Calif., Jan. 5, 2015 (GLOBE NEWSWIRE) -- The Ensign Group, Inc. (Nasdaq:ENSG), the parent company of the Ensign™ group of skilled nursing, rehabilitative care services, home health, home care, hospice care, assisted living and urgent care companies, announced today that it acquired the Mildred and Shirley L. Garrison Geriatric Education and Care Center, a 103-bed skilled nursing operation located in Lubbock, Texas. The purchase was made in connection with the Chapter 11 bankruptcy filed by Sears Methodist Retirement System in June of last year and was effective January 1, 2015.
"This acquisition presents a unique opportunity to expand our presence in West Texas," said Christopher Christensen, Ensign's President and Chief Executive Officer. "This operation has a strong heritage of providing quality care and in developing innovative healthcare services and we look forward to coordinating with the local community to clinically and culturally enrich the lives of our caregivers and our patients in Lubbock and beyond," he added.
The Garrison Geriatric Education and Care Center is located on the campus of Texas Tech University pursuant to a long-term ground lease. Under Ensign's ownership the center will continue a unique affiliation with the Texas Tech University Health Sciences Center that includes an integrated approach with the University on several healthcare initiatives.
"We admire the great Garrison legacy and the outstanding team of caregivers," said Kevin Reese, President of Keystone Care, LLC, Ensign's subsidiary for Texas operations. "We are committed to providing a stable and effective operation for the Lubbock community and are anxious to begin serving each patient and their family members with the primary objective of providing the highest quality of care available." He added that he expects the operation, which had an occupancy rate of approximately 79% at acquisition, to be mildly accretive to earnings in 2015.
This purchase, along with Ensign's other acquisitions announced today, brings Ensign's growing portfolio to 140 facilities, eleven hospice agencies, thirteen home health agencies, two home care businesses and fifteen urgent care clinics across 12 states. Mr. Christensen reaffirmed 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 home care services, hospice services, urgent care services and other rehabilitative and healthcare services at 140 facilities, eleven hospice agencies, thirteen home health agencies, two home care businesses and fifteen 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.