Beverly buyer considers relocating headquarters
Fillmore Strategic Investors LLC, the buyer of Beverly Enterprises Inc., is considering moving the nursing home chain's headquarters from Fort Smith, AR, according to local news reports.
Ron Silva, Fillmore's CEO, points to the political atmosphere in Arkansas as a factor in any decision on a possible move. Several state legislature committees have expressed an interest in overseeing any Beverly sale. Lawsuits and large monetary awards against nursing homes in the state could be other reasons for an exodus, Silva said.
Beverly CEO Bill Floyd told workers last week his company has not raised questions with Fillmore regarding a possible move. But "BEI will continue to operate the businesses, and the resources in Fort Smith should be as valuable to Fillmore as they were to NASC," Floyd said, according to The Times Record newspaper of Fort Smith.
When North American Senior Care was planning to buy the company in August, it reassured workers that NASC would keep headquarters in Fort Smith.
Beverly confirmed the sale to Fillmore last week after Fillmore fulfilled the financing commitments originally made by NASC, including a $350 million equity commitment and a $50 million letter of credit.