The Ensign Group Acquires Skilled Nursing Facility in Arizona
The Ensign Group (Nasdaq: ENSG) announced the acquisition of two skilled nursing facilities. Effective June 1, 2024, Ensign acquired Wellsprings of Gilbert, a 32-bed facility in Gilbert, Arizona, and The Springs at St. Andrews Village, a 58-bed facility in Aurora, Colorado. The acquisition was facilitated by Standard Bearer Healthcare REIT, Ensign's real estate subsidiary. Barry Port, Ensign's CEO, expressed excitement about the expansion, which brings their portfolio to 312 healthcare operations across 14 states. Ensign continues to seek opportunities for further acquisitions and leases in the healthcare sector.
- Acquisition adds two skilled nursing facilities, increasing Ensign's portfolio to 312 healthcare operations.
- The acquisition includes real estate, enhancing the asset base of Standard Bearer Healthcare REIT.
- Facilities located in Arizona and Colorado, expanding Ensign's geographical footprint.
- Ensign's active pursuit of further acquisitions indicates growth potential.
- No financial details disclosed, leaving uncertainties about the cost and funding of acquisitions.
- Integration of new facilities into existing operations may pose operational challenges.
SAN JUAN CAPISTRANO, Calif., June 04, 2024 (GLOBE NEWSWIRE) -- The Ensign Group, Inc. (Nasdaq: ENSG), the parent company of the Ensign™ group of companies, which invest in and provide skilled nursing and senior living services, physical, occupational and speech therapies, other rehabilitative and healthcare services, and real estate, announced today that it acquired the real estate and operations of Wellsprings of Gilbert, a 32-bed skilled nursing facility located in Gilbert, Arizona. The real estate was acquired by a subsidiary of Standard Bearer Healthcare REIT, Inc., Ensign’s captive real estate company, and the acquisition was effective as of June 1, 2024.
“We are thrilled to be adding this operation in Arizona” said Barry Port, Ensign's Chief Executive Officer. “This acquisition also provided another great opportunity to add to Standard Bearer’s growing portfolio,” he added.
"We look forward to working together with the local healthcare communities and an outstanding team of caregivers as we strive to exceed the clinical and social needs of each resident we are honored to serve," said Forrest Peterson, President of Bandera Healthcare LLC, Ensign’s Arizona-based subsidiary.
In a separate transaction on the same day, Ensign announced that it acquired the operations at The Springs at St. Andrews Village, a 58-bed skilled nursing facility located in Aurora, Colorado. This new facility will be operated by an Ensign affiliated operator.
These acquisitions bring Ensign's growing portfolio to 312 healthcare operations, 29 of which also include senior living operations, across fourteen states. Ensign subsidiaries, including Standard Bearer, own 120 real estate assets. Mr. Port reaffirmed that Ensign is actively seeking opportunities to acquire real estate and to lease both well-performing and struggling skilled nursing, senior living and other healthcare related businesses throughout the United States.
About Ensign™
The Ensign Group, Inc.'s independent operating subsidiaries provide a broad spectrum of skilled nursing and senior living services, physical, occupational and speech therapies and other rehabilitative and healthcare services at 312 healthcare facilities in Arizona, California, Colorado, Idaho, Iowa, Kansas, Nebraska, Nevada, South Carolina, Tennessee, Texas, Utah, Washington and Wisconsin. More information about Ensign is available at http://www.ensigngroup.net.
Contact Information
The Ensign Group, Inc., (949) 487-9500, ir@ensignservices.net
SOURCE: The Ensign Group, Inc.
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