All nine operations will be operated by Ensign-affiliated operating companies
The Ensign Group, Inc., the parent company of the EnsignTM group which invests in skilled nursing and senior living services, physical, occupational and speech therapies, has agreed to add eight skilled nursing operations in the state of Tennessee.
Six of these operations will be jointly owned by CareTrust REIT, Inc. (CareTrust) and a large, private joint venture investor and will transition to Ensign affiliated operating companies subject to new, long-term triple net master leases, and three will be purchased by Standard Bearer Healthcare REIT, Inc., Ensign’s captive real estate subsidiary.
All nine operations will be operated by Ensign-affiliated operating companies. It is anticipated that the transaction will be effective in the next few months.
“We are very excited to add eight operations to our three existing locations in Tennessee, which is one of our newest states, bringing our total operations in Tennessee to 11,” said Barry Port, Ensign’s CEO. “Our leadership team in Tennessee has been laying the foundation for this growth for several years and these operations are a perfect fit to form local clusters, which are a key to our scalable growth model. At the same time, one of our longtime leaders is relocating to take the first step in establishing a new market in a state we’ve been targeting for some time. We look forward to working together with the outstanding leaders and teams already in place in these operations to build on the strong clinical and operational reputations they have earned in their communities.”
Dave Sedgwick, President and CEO of CareTrust says this is an incredible opportunity for the company.
“This transaction provides an extraordinary opportunity for us and Ensign to expand our presence in two states we are very excited about,” said Sedgwick. “We couldn’t be more thrilled about deepening our relationship with one of the industry’s best-in-class operators and look forward to working with them more in the near- and long-term future.”
Image by DC Studio on Freepik.
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