MISSION VIEJO, Calif., May 3 The Ensign Group, Inc. (Nasdaq: ENSG), announced today that it has acquired Heritage Gardens Healthcare Center, a 140-bed skilled nursing facility in Carrollton, Texas, and Silver Springs Healthcare Center, a 144-bed skilled nursing facility in Houston, Texas. The acquisitions were effective May 1, 2010.
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"These strategic acquisitions further solidify Ensign's presence in key operating markets in Texas," said Barry Port, President of Ensign's Keystone Care subsidiary, which oversees and supports Ensign's Texas assets. He added that the combination of the two facilities with Ensign's 15 existing Texas operations further enhances Ensign's increasing operating synergies across the state of Texas.
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The two Texas facilities were acquired from a well-regarded long-term care operator that had operated them for several years. "We are grateful that the former owners would entrust these facilities to us, and we are committed to growing and enhancing what they've built," said Christopher Christensen, Ensign's President and Chief Executive Officer. Mr. Port added that Keystone expects operations in the two facilities, which had a combined occupancy rate of approximately 76% at acquisition, to be mildly accretive to earnings in 2010.
In a separate transaction on the same day, an Ensign subsidiary also acquired the operating assets of Horizon Home Health and Hospice, a well-regarded home health and hospice agency based in Meridian, Idaho. Founded in 1993 by Marcie Little, a fixture in Southwestern Idaho's healthcare community, Horizon is being led by new CEO Daniel Walker, a longtime Ensign leader and a fellow native-Idahoan whom Ms. Little has hand-picked as her successor. The Horizon purchase, like the Texas purchases, was made with cash.
Mr. Christensen reaffirmed that Ensign is actively seeking additional opportunities to acquire both well-performing and struggling long-term care operations across the Western United States. The three acquisitions bring Ensign's growing portfolio to 81 healthcare facilities, 51 of which are Ensign-owned, two hospice companies and a home health business. Ensign affiliates hold purchase options on eight of the 30 leased facilities.
About Ensign(TM)
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, and other rehabilitative and healthcare services for both long-term residents and short-stay rehabilitation patients at 81 facilities, two hospice companies and a home health business in California, Arizona, Texas, Washington, Utah, Idaho and Colorado. More information about Ensign is available at http://www.ensigngroup.net.
SOURCE The Ensign Group, Inc.
