Regional Well being Properties (NYSE: RHE) and SunLink Well being Methods have agreed to merge, and they’re bringing a few acquainted faces in senior dwelling with them as advisors.
Regional Well being is merging with SunLink, with plans for SunLink shareholders to personal about 43% of the mixed firm.
Regional Well being manages 11 senior care properties and expert nursing amenities, totaling simply over 1,200 beds, and SunLink holds investments in a single group hospital, two expert nursing amenities, a healthcare expertise firm and a specialty pharmacy firm, in keeping with the businesses’ web sites.
Morrison will maintain his function as president and CEO when the businesses mix, and present SunLink CEO Robert Thornton, Jr. will tackle the function of government vp of company technique, whereas present SunLink CFO Mark Stockslager will proceed his work as chief monetary officer underneath the brand new merger.
The transaction is predicted to be full this spring, and is topic to closing situations and regulatory approval, in keeping with the information launch. The newly mixed firm will function from a headquarters in Atlanta, Georgia.
Together with the merger, Regional is including two senior dwelling executives to the board: Former Dawn Senior Dwelling CEO Chris Winkle and Scott Kellman, who’s the previous CEO at nonprofit senior dwelling supplier American Eagle Lifecare Company.
Winkle is a board member of Beazer Properties (NYSE: BZH), Direct Provide, and R.D. Merrill, the proprietor of Merrill Gardens, which operates 70 senior housing communities. Kellman beforehand labored as CEO at Care Funding Belief and was the COO at Omega Healthcare Buyers (NYSE: OHI), together with holding senior roles with CIT Healthcare and Healthcare Property Buyers.
The merger “will create a mixed firm with a stronger stability sheet and better scale,” in keeping with Brent Morrison, Regional’s chairman and CEO.
“By combining SunLink’s complementary property with Regional’s platform of healthcare amenities, the mixed firm can be well-positioned for future development,” he stated in a press launch in regards to the merger.
Representatives for Regional and SunLink didn’t instantly reply to requests for extra data Wednesday.
