The Ensign Group Expands Into Nevada
LAS VEGAS, June 1, 2011 /PRNewswire/ -- The Ensign Group, Inc. (NASDAQ: ENSG), announced today that it has expanded into Nevada by acquiring Grand Court Las Vegas, a 152-unit assisted and independent living facility in Las Vegas, Nevada. The acquisition was effective today, June 1, 2011.
"We are excited to extend our growing footprint into Nevada, and look forward to being a solid contributor to the Las Vegas area's vibrant healthcare community," said Christopher Christensen, Ensign's President and Chief Executive Officer. Noting that this facility has an excellent clinical history, a stable long-term staff and an excellent reputation in the community, he called it "the perfect facility to establish Ensign's presence in Nevada."
The facility was acquired from a well-regarded long-term care company that had operated it for several years. "We are anxious to build on the former owner's outstanding reputation for quality care and patient outcomes," said John Gurrieri, President of the Ensign subsidiary overseeing the transition. "We admire the great work done by the incredible team here and look forward to working together as we continue to strengthen our partnerships with patients and families to provide superior care," he added.
Mr. Christensen added that Ensign expects operations in the facility, which had an occupancy rate of approximately 85% at acquisition, to be operationally accretive to earnings starting in 2011. Ensign purchased the facility with cash.
Mr. Christensen also 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 acquisition brings Ensign's growing portfolio to 87 healthcare facilities, 58 of which are Ensign-owned, three hospice companies and two home health businesses.
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 87 facilities, three hospice companies and two home health businesses in California, Arizona, Texas, Washington, Utah, Idaho, Colorado and Nevada. More information about Ensign is available at http://www.ensigngroup.net.
SOURCE The Ensign Group, Inc.