The Ensign Group Acquires Texas Memory Care Community
MISSION VIEJO, CA–The Ensign Group, Inc. (NASDAQ: ENSG), the parent company of the Ensign™ group of skilled nursing, rehabilitative care services, home health care, hospice care and assisted living companies, announced that it acquired the real estate and operations of Rockbrook Memory Care, a 52-unit memory care community in Lewisville, TX. The acquisition was effective April 1, 2019.
“We continue to see opportunities for growth in the Dallas-Fort Worth metroplex through the acquisition of historically underperforming operations,” said Christopher Christensen, Ensign’s President and Chief Executive Officer. He added, “This acquisition will cluster well with the communities in the area that we have acquired recently, which are generally showing improved performance as they mature under the direction of our local leaders.”
“While this building has experienced challenges recently, we think our local team is well positioned to instill the culture and principles needed to establish this operation as the community of choice,” said Brian Hulse, president of Ensign’s senior living services portfolio company. He added that this community had an average occupancy rate of approximately 40% at the time of acquisition.
In a separate transaction on the same day, Ensign announced that it acquired through Bandera Healthcare, Inc., its portfolio company of skilled nursing facilities in Arizona, the real estate and operations of Phoenix Mountain Post Acute, a 130-bed skilled nursing facility in Phoenix, AZ. The Phoenix Mountain acquisition was also effective April 1, 2019.
These acquisitions bring Ensign’s growing portfolio to 191 skilled nursing operations, 24 of which also include assisted living operations, 57 assisted and independent living operations, 25 home health agencies, 24 hospice agencies and seven home care businesses across sixteen states. Ensign owns the real estate at 75 of its 248 healthcare operations. Christensen reaffirmed that the organization is actively seeking opportunities to acquire real estate and to lease both well-performing and struggling skilled nursing, assisted living and other healthcare related businesses throughout 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 and other rehabilitative and healthcare services at 248 healthcare facilities, 25 home health agencies, 24 hospice agencies and seven home care businesses in California, Arizona, Texas, Washington, Utah, Idaho, Colorado, Nevada, Iowa, Nebraska, Oregon, Wisconsin, Kansas, South Carolina, Oklahoma, and Wyoming.