BOISE, Idaho, Jan. 4 /PRNewswire-FirstCall/ -- The Ensign Group, Inc. (Nasdaq: ENSG), announced today that it has acquired Emmett Care & Rehabilitation Center, a 72-bed skilled nursing facility in Emmett, Idaho, and Parke View Rehabilitation & Care Center, an 86-bed skilled nursing facility in Burley, Idaho. The acquisitions were effective January 1, 2010.
"These strategic acquisitions solidify Ensign's presence in key operating markets in Idaho," said Derek Gasser, President of Ensign's Milestone Healthcare subsidiary. He added that the combination of the two facilities with Ensign's existing Pocatello, Idaho facility will allow Milestone to better and more economically support its Idaho operations, and offers other operating synergies as well.
The two Idaho facilities were acquired from a well-regarded Idaho family that had operated them for several years. "We are pleased that the former owners would entrust their life's work to us, and we are committed to growing and enhancing what they've built," said Christopher Christensen, Ensign's President and Chief Executive Officer. He added that Ensign expects the operations in the two facilities, which had a combined occupancy rate of approximately 79% at acquisition, to be accretive to earnings in 2010.
The Emmett facility was recently remodeled, and is still rebuilding its occupancy following the renovation. The Burley facility, which was originally built as a County hospital, includes approximately 8,000 square feet of commercial office space, which is leased to various tenants and provides additional income to the operations there.
Ensign also acquired the underlying real estate and other operating assets of Paramount Health & Rehabilitation Center, an 85-bed skilled nursing facility in Salt Lake City, Utah, on December 31, 2009. An Ensign subsidiary has been operating the facility since December of 2008 under a lease with an option to purchase. The Salt Lake City purchase, like the Idaho 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 two acquisitions and one option exercise bring Ensign's growing portfolio to 79 facilities, 49 of which are Ensign-owned. Ensign affiliates hold purchase options on eight of the 30 leased facilities.
The Ensign Group, Inc.'s independent operating subsidiaries provide a broad spectrum of skilled nursing and assisted living services, physical, occupational and speech therapies, hospice services, and other rehabilitative and healthcare services for both long-term residents and short-stay rehabilitation patients at 79 facilities 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.