ATLANTA, June 12 Formation Capital, LLC today announced ithas signed an agreement to purchase Haven Healthcare, a long-term careprovider that operates 27 facilities in five northeastern states. GenesisHealthCare will manage and operate the facilities on behalf of FormationCapital and Senior Care Development, LLC. The agreement is subject to pendingregulatory and licensing approvals, and other customary conditions. Inaddition, the agreement is subject to the satisfactory completion of a duediligence period. The agreement is expected to be finalized on August 1,2008.
Upon closing, Formation Capital and its partners will own or lease skillednursing and assisted living facilities formerly owned by Haven and located inthe states of Connecticut, Massachusetts, New Hampshire, Rhode Island andVermont.
Genesis HealthCare, a provider of long-term care services in New Englandfor more than 25 years, is expected to assume management and operationalresponsibilities for Haven Healthcare's facilities effective August 1, 2008.
Genesis HealthCare operates skilled nursing centers and assisted livingresidences in 13 eastern states and ranks among top providers for overallcustomer satisfaction and quality medical care according to nationalindependent research. Furthermore, 37 Genesis Centers in New England haveearned the Quality Award from the American Health Care Association (AHCA) andthe National Center for Assisted Living (NCAL) in recent years, and 19 Centersreceived the MyInnerView "Excellence in Action" Award, a national awardrecognizing a commitment to quality.
"The acquisition of the Haven Healthcare facilities complements ourportfolio of healthcare companies and our strategy to meet the growing needfor skilled nursing services," says Arnold Whitman, Chief Executive Officerand Co-Chairman of Formation Capital, LLC. "Quality of care and services is ahallmark of Genesis HealthCare. We look forward to working with Genesis toexpand the healthcare services we provide to New England patients and theirfamily members."
"Genesis has a strong track record of high-quality care throughout ourorganization," notes Richard Blinn, Genesis' President of the Northeast Area."We look forward to working with and supporting all of the dedicated staffmembers of the Haven Healthcare facilities, with a goal of consistentlyexceeding our customers' expectations," continues Blinn.
Genesis Healthcare operates more than 200 skilled nursing centers andassisted living residences in 13 eastern states. They also supply contractrehabilitation therapy to more than 700 healthcare providers in 20 states andthe District of Columbia. For more information, go tohttp://www.genesishcc.com.
Formation Capital, LLC invests in senior housing and care and currently isinvested in over $3 billion of assets. For more information, go tohttp://www.formationcapital.com.Contact: Jeanne Moore 410-451-8440 Patty McQueen 860-985-3533
SOURCE Genesis HealthCare