The Ensign Group Acquires Texas Skilled Nursing Facility
Mission Viejo, CA /PRNewswire/ -- The Ensign Group, Inc. (NASDAQ: ENSG), the parent company of the Ensign™ group of skilled nursing, rehabilitative care services, hospice care, assisted living and urgent care companies, announced today that it has acquired Paris Nursing & Rehabilitation Center, a 150-bed skilled nursing facility located inParis, Texas. The asset acquisition was effective on Friday, June 1, 2012.
"This strategic acquisition broadens Ensign's existing operational base to the pivotal northeast Texas market," said Christopher Christensen, Ensign's President and Chief Executive Officer, noting that the prior owners opened operations in this newly constructed facility in July, 2008.
"We are confident that this beautiful facility and the wonderful team of caregivers we inherited are well positioned to become the facility of choice for Paris' present and future patients," said Rick Forscutt, President of Keystone Care, Inc., a subsidiary of which will operate Paris. He added that Ensign expects the newly-acquired facility, which had an occupancy rate of 59% at acquisition, to be accretive to earnings in 2012.
The purchase was made with cash and brings Ensign's growing portfolio to 105 healthcare facilities, 80 of which are Ensign-owned, three hospice companies, five home health businesses and two urgent care businesses. Ensign affiliates hold purchase options on five of their 25 leased facilities. Mr. Christensen reaffirmed that Ensign is actively seeking additional opportunities to acquire both well-performing and struggling skilled nursing, assisted living and other healthcare-related businesses 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, urgent care services and other rehabilitative and healthcare services at 105 facilities, four hospice companies and six home health businesses in California, Arizona, Texas, Washington, Utah, Idaho, Colorado, Nevada, Iowa, Nebraska and Oregon. More information about Ensign is available at http://www.ensigngroup.net.
SOURCE The Ensign Group, Inc.