The Ensign Group Acquires Utah Home Health and Hospice Company
SALT LAKE CITY, May 16, 2011 /PRNewswire/ -- The Ensign Group, Inc. (NASDAQ: ENSG), announced today that an Ensign subsidiary has acquired Symbii Home Health and Hospice, a well-regarded home health and hospice agency based in Sandy, Utah, with branch offices in the cities of Layton and Orem, Utah. The acquisition was effective as of May 15, 2011.
"We are pleased with the growth and development of our home health and hospice businesses thus far, and this lateral diversification broadens Ensign's reach into that business," said Christopher Christensen, Ensign's President and Chief Executive Officer. "More importantly," he added, "the Symbii acquisition reflects the increasing depth of our long-term commitment to the vibrant Utah healthcare community and our existing operations there."
Symbii will be operated by a subsidiary of Cornerstone Healthcare, Inc., Ensign's home health and hospice-based portfolio subsidiary. It joins Horizon Home Health and Hospice, Ensign's existing home health and hospice operation in Idaho, and Custom Care Hospice, Ensign's hospice operation in the Dallas, Texas market.
"We are anxious to build on Symbii's outstanding reputation for quality care and patient outcomes," said Daniel Walker, Cornerstone's President. "We admire the great work done by the former owners and the incredible Symbii staff, and look forward to working with staff as they continue to strengthen their partnerships with patients and families to provide superior care," he added.
Ensign purchased the agency with cash, and expects the transaction to be accretive to earnings in 2011. Mr. Christensen reaffirmed that Ensign is actively seeking additional opportunities to acquire both well-performing and struggling long-term and short-term care operations 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, and other rehabilitative and healthcare services for both long-term residents and short-stay rehabilitation patients at 86 facilities, three hospice companies and two 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.