ABILENE, Texas, Dec. 31, 2010 /PRNewswire-FirstCall/ -- The Ensign Group, Inc. (Nasdaq: ENSG), announced today that it is acquiring Wisteria Place, a continuing care retirement community, and its sister facility Wisteria Independent Living, both located in Abilene, Texas. The acquisition will be effective as of January 1, 2011.
The facilities will be operated by a subsidiary of Keystone Care, Inc., Ensign's Texas-based portfolio subsidiary. Ensign and Keystone have long had a strong clinical presence in the greater Abilene market, having operated Northern Oaks Living & Rehabilitation Center, a 96-bed skilled nursing facility in Abilene, since 1999.
"It is a privilege to be associated with such outstanding facilities," said Barry Port, President of Keystone Care. He noted that both facilities enjoy excellent reputations in the market, and praised the work of prior owners Dr. Bruce Davis and his predecessor, the nonprofit Sears Methodist group. "We hope to build on their great legacy – combined with our own as the leading clinical program in the market – to really create something special for Abilene," he added.
Wisteria Place, a full-service senior care campus located at 3202 South Willis Street in Abilene, operates 123 skilled nursing beds, 77 assisted living units and 20 independent living cottages. Wisteria Independent Living, a separate residential retirement community located at 3917 Wisteria Way in Abilene, operates 72 independent living units.
"This strategic acquisition further solidifies Ensign's operating synergies in one of our most mature and productive markets," said Christopher Christensen, Ensign's President and Chief Executive Officer. Mr. Christensen added that Ensign expects the facilities, which had an occupancy rate of approximately 73% at acquisition, to be operationally accretive to earnings in 2011. Ensign purchased the facilities 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 acquisition brings Ensign's growing portfolio to 84 healthcare facilities, 54 of which are Ensign-owned, two hospice companies and a home health business. Ensign affiliates hold purchase options on eight of its 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, home health and hospice services, and other rehabilitative and healthcare services for both long-term residents and short-stay rehabilitation patients at 84 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.