PACS Group (NYSE: PACS) has finalized its beforehand introduced acquisition of greater than 4 dozen communities from Status Care.
The acquisition, introduced earlier this 12 months in Could, provides 53 expert nursing, assisted and impartial dwelling communities to the corporate’s holdings and expands its foothold to Alaska, Idaho, Montana, Oregon and Washington.
By way of the acquisition, PACS Group is greater than doubling its variety of senior dwelling communities, going from 16 to 37. In whole, the acquisition is including 1,334 assisted dwelling and impartial dwelling models to the corporate’s senior housing portfolio.
The acquisition took place following PACS Group “recognizing the market want,” noting the present senior dwelling panorama shouldn’t be substantial sufficient to maintain up with the demand within the coming years, in keeping with Josh Jergensen, PACS president and COO.
“This can be a probability for PACS to construct on our expertise throughout the senior dwelling house and convey our mannequin to much more senior dwelling communities,” Jergensen instructed Senior Housing Information. “As we see areas and communities through which we serve by way of each post-acute care and senior dwelling, we can present a broader spectrum of look after residents who could have to transition to assisted dwelling as a part of their persevering with care.”
As PACS Group continues to develop within the house, Jergensen added the corporate is investing “important assets” to make sure it’s profitable in its mission and targets.
“PACS is dedicated to rising as a legacy firm,” mentioned Jason Murray, PACS’ Chairman and CEO. “Our purpose is to broaden our presence as a pacesetter in post-acute care and serve extra folks by way of our give attention to their care, well-being and high quality of life.”
Josh Jergensen, PACS president and COO, mentioned that the corporate “noticed this as a helpful alternative to deliver our mission-driven strategy to extra residents, professionals and communities.”
“We are going to uphold our deep dedication to empowering native leaders and their workers who know their residents, their households and communities the perfect and supporting them with assets to raise healthcare,” he mentioned.
The discharge states each PACS Group and Status have labored collectively to proceed operations with out disruptions.
PACS Group is a holding firm investing in post-acute healthcare amenities, professionals, and ancillary providers. PACS Group was based in 2013 and at the moment is among the largest post-acute platforms in the US. Its impartial subsidiaries function over 276 post-acute care, assisted dwelling, reminiscence care and impartial dwelling places throughout 15 states and serve greater than 29,000 sufferers and residents.
Phrases of the settlement weren’t disclosed.
