Ziegler Closes the Sale of a Life Plan Community in Texas to The Ensign Group
CHICAGO–Ziegler, a specialty investment bank, announced the successful closing of Presbyterian Communities & Service’s (PC&S) sale of its entrance fee life plan community (LPC) in Texas to The Ensign Group, Inc. (Ensign).
Ziegler’s Corporate Finance Senior Living team served as exclusive advisor to PC&S, a not-for-profit corporation that owned and operated two life plan communities in Dallas, Texas. Grace Presbyterian Village (the Community) had been incurring operational and financial challenges due to the changing complexities of caring for seniors in today’s healthcare environment, which ultimately prompted management to explore strategic alternatives for the Community.
The Community operates a total of 268 independent living, assisted living, and skilled nursing beds/units on a beautiful 26-acre campus that includes walking paths, flower gardens, and secure outdoor courtyards. Ziegler’s corporate finance senior living team solicited proposals from a group of qualified senior living and long-term care investors and operators to acquire the Community and continue the legacy of providing quality senior care to the Dallas market for years to come.
Ensign will purchase the real estate and Keystone Care LLC, Ensign’s Texas-based portfolio subsidiary, will operate the Community. Keystone-affiliated companies operate 54 skilled nursing and assisted living facilities in Texas, four of which are in the Dallas area, and have long had a strong reputation for quality care.
Steven Ailey, PC&S’ chief financial officer stated, “The Ziegler team’s guidance and dedication resulted in the best possible outcome for Grace’s residents and employees as well as PC&S. That we were able to achieve such a positive result in a very short period of time is remarkable.”
Dan Revie, managing director of ziegler’s corporate finance senior living team, stated, “It was a pleasure to work with the PC&S organization and help them execute their strategic goals. The favorable outcome was achieved through a strong team effort by all parties.”
Ziegler’s corporate finance team is focused on delivering best-in-class advisory and financing solutions for companies and organizations across the healthcare industry. In our core practice areas of healthcare services, information technology, hospitals and senior living, Ziegler is one of the most active M&A firms offering innovative sell-side, buy-side, recapitalization/restructuring, equity private placement and strategic partnering services.