The Ensign Group (Nasdaq: ENSG) announced significant growth by acquiring several skilled nursing facilities in Iowa and Colorado. These acquisitions, effective as of August 1, 2024, mark a notable expansion in Ensign's healthcare operations.
New Acquisitions in Iowa
Ensign acquired the real estate and operations of Greater Southside Health and Rehabilitation, a 76-bed skilled nursing facility in Des Moines, Iowa. Standard Bearer Healthcare, Ensign's real estate subsidiary, purchased the real estate.
Barry Port, Ensign's CEO, expressed his excitement about this addition, highlighting the company's continued growth in Iowa. "We are thrilled to add this operation and excited to continue our recent growth in Iowa. This acquisition also provided another great opportunity to add to Standard Bearer's growing portfolio in the Midwest," Port said.
Dave Jorgensen, President of Gateway Healthcare, Ensign's Iowa-based subsidiary, emphasized the facility's potential. "This operation is well situated in Des Moines and has become one of the leading operations in the area. We are excited to work together with our new team as we strive to provide elevated care for our patients and their families," Jorgensen stated.
Expanding in Colorado
Ensign also acquired Holly Heights Care and Rehabilitation and City Park Healthcare and Rehabilitation Center in Denver, Colorado, in separate transactions. Holly Heights Care and Rehabilitation is a 133-bed facility, while City Park Healthcare and Rehabilitation Center has 125 beds. One of these facilities will operate under a long-term, triple net lease, and the other will be owned by Standard Bearer and leased to an Ensign-affiliated operator.
Ensign's Growing Portfolio
These acquisitions bring Ensign's total portfolio to 315 healthcare operations across 14 states, including 29 senior living facilities. Standard Bearer, Ensign's real estate arm, now owns 122 assets.
Barry Port highlighted Ensign's growth strategy, stating that the company is actively seeking opportunities to acquire and lease both well-performing and struggling skilled nursing, senior living, and other healthcare-related businesses throughout the United States.
In summary, the Ensign Group's recent acquisitions in Iowa and Colorado mark a significant step in its expansion strategy, enhancing its presence and operational capabilities in critical regions. The company continues to seek growth opportunities, reinforcing its commitment to providing quality care across its facilities.
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