MISSION VIEJO, Calif., May 1, 2013 (GLOBE NEWSWIRE) -- The Ensign Group, Inc. (Nasdaq:ENSG), the parent company of the Ensign™ group of skilled nursing, rehabilitative care services, home health, hospice care, assisted living and urgent care companies, announced today that it acquired Cascade Vista and its sister facility Cascade Plaza, both located in Redmond, Washington. The acquisition will be effective as of May 1, 2013.
"This is a strategic acquisition that extends our growing footprint in the Seattle area's vibrant healthcare community," said Christopher Christensen, Ensign's President and Chief Executive Officer. He added that the combination of these facilities with Ensign's existing skilled nursing, urgent care and home health and hospice operations in Washington further enhances Ensign's commitment to the healthcare community in the state.
Cascade Vista, a 110-bed skilled nursing facility will be operated by a subsidiary of Pennant Healthcare, Inc., Ensign's Northwest-based portfolio subsidiary. Cascade Plaza, a 90-unit assisted living will be operated by a subsidiary of Bridgestone Living, Inc., Ensign's assisted living-based portfolio subsidiary.
"It is a privilege to be associated with such outstanding facilities," said John Gurrieri, President of Bridgestone Living, Inc. Owen Hammond, President of Pennant Healthcare, Inc., noted that both facilities enjoy excellent reputations in the market, and praised the work of prior owners. "We hope to build on their great legacy – combined with our own as the leading clinical program in the market – to really create something special for Redmond," he added. Mr. Hammond also noted that Ensign expects the facilities, which had a combined occupancy rate of approximately 74% at acquisition, to be mildly accretive to earnings in 2013.
In a separate transaction on the same day, an Ensign subsidiary also acquired Omaha Nursing Center, a well-regarded skilled nursing facility based in Omaha, Nebraska. Omaha Nursing will be operated by a subsidiary of Gateway Healthcare, Inc., Ensign's Nebraska-based portfolio subsidiary.
The purchases were made with cash and bring Ensign's growing portfolio to 116 healthcare facilities, 93 of which are Ensign-owned, seven hospice companies and nine home health businesses across 11 states. Ensign affiliates hold purchase options on two of its 23 leased facilities. Mr. Christensen reaffirmed that Ensign is actively seeking additional opportunities to acquire 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 116 facilities, seven hospice companies, nine home health businesses and five urgent care clinics in California, Arizona, Texas, Washington, Utah, Idaho, Colorado, Nevada, Iowa, Nebraska and Oregon. More information about Ensign is available at http://www.ensigngroup.net.
CONTACT: The Ensign Group, Inc., (949) 487-9500, firstname.lastname@example.org
Source:The Ensign Group, Inc.