SALT LAKE CITY, Dec. 4 /PRNewswire-FirstCall/ -- The Ensign Group, Inc. (Nasdaq: ENSG), the parent company of the Ensign(TM) group of skilled nursing, rehabilitative care services and assisted living companies, announced today that it has completed the acquisition of Infinia at Alta, an 85-bed skilled nursing facility in Salt Lake City, Utah. The facility has been renamed Alta Care & Rehabilitation Center.
"Alta Care & Rehabilitation Center will be an excellent addition to Ensign's growing presence in the dynamic Utah healthcare community," said Christopher Christensen, Ensign's President and Chief Executive Officer. He added that Ensign expects the newly-acquired facility, which had an occupancy rate of 51% at acquisition, to be earnings-neutral in the near term.
An Ensign operating subsidiary acquired the facility under a long-term lease with the property owner. The lease includes a fixed-price purchase option that Ensign can exercise at any time during the lease term. It also includes rights to an additional 14 licensed skilled nursing beds, which Ensign has elected to temporarily "bank" with the State.
A multi-disciplinary transition team took over the operation in the early morning hours on Monday. Among other things, the facility's new leaders are adjusting clinical systems and staff to serve a larger skilled nursing population. Renovations and other building improvements are planned as well.
The Alta acquisition grows Ensign's footprint in Utah's vibrant Ogden-Salt Lake-Provo corridor to six long-term care facilities with 637 beds.
Mr. Christensen confirmed that the company is actively seeking additional opportunities to acquire both well-performing and struggling long-term care operations across the Western United States. The acquisition brings Ensign's portfolio to 63 facilities, 32 of which are Ensign-owned. Ensign affiliates hold purchase options on nine of the 31 leased facilities.
The Ensign Group, Inc.'s independent operating subsidiaries provide a broad spectrum of skilled nursing and assisted living services, physical, occupational and speech therapies, and other rehabilitative and healthcare services for both long-term residents and short-stay rehabilitation patients at 63 facilities in California, Arizona, Texas, Washington, Utah and Idaho. More information about Ensign is available at http://www.ensigngroup.net.
|SOURCE The Ensign Group, Inc.|
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