June 18, 2020
NORTH PROVIDENCE, R.I., June 17, 2020 – Private equity investment firm Tryko Partners has been selected to acquire Hopkins Manor, a 200-bed North Providence skilled nursing facility, out of receivership for a price of $14.5 million. Tryko and its healthcare affiliate, Marquis Health Services, will provide immediate assistance to Jonathan N. Savage, Esq. of Shechtman Halperin Savage, the Rhode Island Superior Court-appointed special master for Hopkins Manor.
Savage, with the help of the facility’s dedicated team of caregivers and staff, has stabilized and successfully marketed the facility, culminating in this week’s court approval, just seven weeks after the start of the receivership proceeding.
Tryko Partners has an established regional skilled nursing presence and a long history in the purchase and rapid, effective revitalization of struggling facilities. Following the Hopkins Manor acquisition closing, Tryko will infuse approximately $5 million of capital to support physical plant renovations and specialty programming enhancements.
Savage described his decision to recommend Tryko’s bid. “Our goal from day one of this proceeding was to get this critical community asset into the hands of a capable caretaker who was willing to invest for the benefit of the community as a whole,” he said. “Of the 12 bidders with whom we negotiated, Tryko stood above the rest in terms of their resume, willingness to invest and track record in skilled nursing in our state. We are confident that they are the right custodians to carry this critical facility into its next chapter.”
Located on four acres at 610 Smithfield Road, Hopkins Manor – which will be renamed as Lincolnwood Rehabilitation & Healthcare Center – provides short-term rehabilitation, long-term care, Alzheimer’s and dementia programs, and hospice and respite services. Tryko will substantially renovate the facility to establish Lincolnwood as a premier choice for regional skilled nursing care.
Tryko Partners’ local portfolio also includes the 206-bed Elmhurst Rehabilitation & Healthcare Center in Providence, which shares a campus with Roger Williams Medical Center and sits next door to the Providence VA Medical Center. “Greater Providence is a desirable market – one in which we have established relationships with leading healthcare providers,” noted Uri Kahanow, director of acquisitions. “We look forward to expanding our presence and our partnerships here.”
Marquis Health Services is a highly skilled and vision-driven nursing home consulting company currently supporting New England and Mid-Atlantic facilities totaling nearly 4,500 skilled nursing and assisted living beds. Together with a carefully assembled team of clinical, compliance, and financial consultants, Marquis will work with Lincolnwood as the facility moves toward its full potential.
Kahanow noted that Tryko’s commitment to the skilled nursing sector remains deep, even in the face of the industry’s recent, pandemic-related struggles. “Today, more than ever before, skilled nursing best practices hinge on top-quality care and customer service,” he said. “This always has been the foremost objective for Tryko-owned facilities, and Lincolnwood Rehabilitation & Healthcare Center will be no exception.”