MISSION VIEJO, Calif., Sept. 29, 2014 (GLOBE NEWSWIRE) -- The Ensign Group, Inc. (Nasdaq:ENSG), the parent company of the Ensign™ group of skilled nursing, rehabilitative care services, home health care, hospice care, assisted living and urgent care companies, announced today that it acquired Sherwood Village Assisted Living and Memory Care, a 135-unit assisted living facility in Tucson, Arizona. The acquisition was effective Wednesday, September 24, 2014.
"With this acquisition, we add assisted living and memory care services to our strong skilled nursing presence in the Tucson community," said Christopher Christensen, Ensign's President and Chief Executive Officer. Noting that this was the third Arizona acquisition this year, he said "our experienced Arizona team is poised to integrate Sherwood Village into our continuum of care in the Tucson market and to enhance the quality of residential care services to present and future residents."
"We look forward to working together with the local healthcare community and our residents' families as we strive to exceed the clinical, emotional and social needs of each resident we are honored to serve," said John Gurrieri, President of Bridgestone Living, Inc., Ensign's seniors housing subsidiary. He also added that Bridgestone expects operations in Sherwood Village, which had an occupancy rate of approximately 65% at acquisition, to be mildly accretive to earnings in 2014.
Ensign will retain ownership of the real estate for this facility, which was purchased with a combination of cash and the assumption of an existing HUD-insured loan. Bridgestone and Ensign have expanded Ensign's assisted living base at an accelerated pace over the past few years, with significant acquisitions across several Western states.
This acquisition brings Ensign's growing portfolio to 127 healthcare facilities, nine hospice companies, eleven home health businesses and fourteen urgent care clinics across 12 states. Mr. Christensen reaffirmed that Ensign is actively seeking additional opportunities to acquire both well-performing and struggling skilled nursing, assisted living and other healthcare related businesses across the United States.
About Ensign(TM) The Ensign Group, Inc.'s independent operating subsidiaries provide a broad spectrum of skilled nursing and assisted living services, physical, occupational and speech therapies, home health and hospice services, urgent care services and other rehabilitative and healthcare services at 127 facilities, nine hospice companies, eleven home health businesses and fourteen urgent care clinics in California, Arizona, Texas, Washington, Utah, Idaho, Colorado, Nevada, Iowa, Nebraska, Oregon and Wisconsin. More information about Ensign is available at http://www.ensigngroup.net.