TEXAS CITY, Texas, Aug. 2, 2011 /PRNewswire/ -- The Ensign Group, Inc. (NASDAQ: ENSG), the parent company of the Ensign™ group of skilled nursing, rehabilitative care services, hospice care and assisted living companies, announced today that it has acquired Oceanview Healthcare and Rehabilitation Center, a 134-bed skilled nursing facility in Texas City, Texas. The asset acquisition was effective on Monday, August 1, 2011.
"The Oceanview acquisition allows us to expand our growing footprint into the key coastal retirement markets of Galveston and Texas City," said Barry Port, President of Keystone Care, Inc., Ensign's Texas-based portfolio subsidiary. "And the facility fits perfectly with our transformational business model, which focuses on elevating clinical quality in order to serve a much larger skilled population," he noted.
Day-to-day operations at Oceanview will be led by Executive Director John Pinegar, an Ensign veteran and experienced skilled nursing administrator. "I'm thrilled to be in Texas City," said Pinegar, "and look forward to bringing Ensign's successful quality care culture to Oceanview to meet and exceed the clinical, emotional, social and spiritual needs of each resident, staff member and family."
Oceanview will be operated by a Keystone operating subsidiary. The multi-story skilled nursing facility had an occupancy rate of approximately 70% at acquisition, and is expected to be operationally accretive to earnings in 2011. Ensign purchased Oceanview with cash.
Ensign also announced today that it has acquired two other long-term care facilities, both as of August 1, 2011. The first, Hurricane Health and Rehabilitation Center, is a 48-bed skilled nursing facility in Hurricane, Utah. Hurricane is part of the dynamic St. George market in Southern Utah, which has long been a vibrant and growing magnet area for seniors and retirees. The facility will be operated by a subsidiary of Milestone Healthcare, Inc., Ensign's Utah-based portfolio company. Hurricane Health had an occupancy rate of approximately 75% at acquisition, and is expected to be operationally accretive to earnings starting immediately. It was purchased with cash.
The second, Lakeland Hills Independent & Assisted Living Community, is a 167-unit assisted and independent living facility in Dallas, Texas. It will be operated by a subsidiary of Bridgestone Living, Inc., Ensign's seniors housing subsidiary. Bridgestone and Ensign have expanded Ensign's assisted and independent living base at an accelerated pace over the past twelve months, with significant acquisitions in Denver, Colorado, Ventura, California, Las Vegas, Nevada, Abilene, Texas, Salt Lake City, Utah, and now Dallas. Bridgestone expects operations in the Lakeland property, which had an occupancy rate of approximately 89% at acquisition, to be accretive to Ensign earnings starting immediately. Ensign purchased the Lakeland facility with cash.
Christopher Christensen, Ensign's President and Chief Executive Officer, reaffirmed that Ensign is actively seeking additional opportunities to acquire both well-performing and struggling long-term care operations across the United States. The acquisitions bring Ensign's growing portfolio to 99 healthcare facilities, three hospice companies and three home health businesses in 10 states.
About Ensign ™
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 99 facilities, three hospice companies and three home health businesses in California, Arizona, Texas, Washington, Utah, Idaho, Colorado, Nevada, Iowa and Nebraska. More information about Ensign is available at http://www.ensigngroup.net.
SOURCE The Ensign Group, Inc.