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Bon Secours New York Health System, Inc. and TL Management, LLC Reach Purchase Agreement

Riverdale, NY , March 31, 2016 (GLOBE NEWSWIRE) -- Bon Secours New York Health System, Inc. (BSNY) and TL Management, LLC, have reached an agreement for a TL Management’s Affiliate to purchase of all the assets of BSNY, including Schervier Nursing Care Center, a 364-bed short- and long-term care nursing facility; the Schervier Apartments, a 154 unit apartment building for low-income seniors; and all other buildings and property located on its 9-acre campus in the Riverdale section of the Bronx. Due to the required approvals by federal, state, city, and church bodies, the transaction is expected to close in approximately 12 to 18 months. BSNY announced in August 2015 it was exploring various strategic options to ensure the continuation of their mission and to preserve the care provided to patients, residents, tenants, and the community.

Headquartered in New York City, TL Management is a privately held company that owns over 100 skilled nursing facilities, located mostly in New York, Pennsylvania, Florida, and Texas. Carlos. G. Beato, chief executive officer of BSNY stated, “Their operating model allows each facility to continue its own ‘culture of caring’ within a network of supportive structures and best practices. TL Management has the capacity, track record, and commitment to continue the quality of care we offer to our patients, residents, and tenants and has committed to do so in a way that is consistent with our values and Catholic tradition.”

In negotiating the terms of this agreement, BSNY worked diligently to ensure its employees would have the opportunity to continue to serve the Schervier community. To that end, TL Management has agreed to hire substantially all of the BSNY workforce. TL Management will recognize the present unions and work to establish positive relationships as their affiliates have at their other SEIU-represented facilities in New York. BSNY is dedicated to helping those non-union employees who do not join TL Management find a position either elsewhere within Bon Secours or outside of the system.

“Thanks to the efforts of the sponsors, management and boards, the transaction is proceeding very smoothly,” stated Brother Arthur Caliman, BSNY board president and senior vice president of sponsorship for Bon Secours Health System, Inc. “Transition plans and processes for our patients, residents, tenants, and employees have been developed and will be implemented over the upcoming months. I am appreciative of TL Management’s commitment to keep the Schervier Apartments affordable, confident in their ability to maintain the long-standing mission and values of BSNY, and look forward to seeing them grow and enhance services and care to the community.”

About Bon Secours New York Health System

Bon Secours New York Health System, Inc. is a not-for-profit, Catholic healthcare system committed to providing a range of compassionate health care services in the New York Metro area. It is comprised of Schervier Nursing Care Center, a 364-bed short- and long-term nursing facility, the Schervier Apartments, a 154 unit, federally-subsidized housing development for independent living for seniors and heads of household with disabilities, and BSNY Healthy Communities, sponsored by the mission fund of Bon Secours Health System, a community outreach project committed to creating communities of health, hope and well-being.

About Bon Secours Health System

Bon Secours Health System, Inc. based in Marriottsville, Maryland, is a $3.5 billion dollar not-for-profit Catholic health system that owns, manages or joint ventures 19 acute care, 5 long term care, 4 assisted living, 6 retirement communities/senior housing, 14 home care and hospice services, and other facilities, primarily on the East Coast. Bon Secours Health System consists of more than 24,000 caregivers helping people in six states. Its vision is to be a prophetic Catholic health ministry partnering with communities to create a more humane world, build health and social justice and provide exceptional value for those served.

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Bon Secours New York Health System Contact: Laura Amerman Director of Marketing Communications and Development 718-554-8804

Source: Bon Secours