March 24, 2016
MARKHAM, ON — Sienna Senior Living Inc. ("Sienna" or the "Company") (TSX: SIA) announced today that it has entered into a definitive agreement to sell Preferred Health Care Services, its home care business ("PHCS"), to Spectrum Health Care LP for cash proceeds of $16.5 million, before working capital adjustments (the "Transaction"). The completion of the Transaction is subject to customary and negotiated closing conditions and regulatory approvals, including the assignment of government contracts, and is expected to close following receipt of all regulatory approvals.
Spectrum Health Care is one of Ontario's leading providers of patient centered home care, non-urgent patient transfer, companionship care and event medical services, servicing multiple Community Care Access Centres (CCACs), shared services organizations, hospitals, private pay customers and sporting and entertainment venues. Spectrum Health Care's range of service offerings include nursing, personal and home support, elder companionship, physiotherapy, foot care, corporate wellness, non-urgent patient transfer and event medical services.
"We are pleased that the joining of these two solid home care providers will enable our PHCS team to grow as part of the Spectrum Health Care family, with a dedicated focus on the home care space," stated Lois Cormack, Sienna's President and CEO. "The disposition is consistent with Sienna's strategy and focus on growing our core business of high-quality retirement living and long-term care portfolio assets in Canada."