Tandem Health Care sold for $620 million

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JER Partners and Formation Capital, LLC, a consortium of investors and senior housing and nursing home operators, has purchased Tandem Health Care, Inc., for an estimated $620 million.

JER and Formation said they would restructure Tandem, which operates 67 long-term care, assisted living and independent living facilities, into an owner of skilled nursing and other senior housing facilities. They also plan enter into a master lease with a joint venture run by Tandem's two top executives.

Formation Capital, of Alpharetta, GA, led a well-publicized yet unsuccessful bid to acquire Beverly Enterprises last year. It also was one of the sellers in the blockbuster $1.4 billion deal in which GE bought nearly 200 facilities last week. JER Partners is the private equity investment arm of J.E. Robert Companies headquartered in McLean, VA.

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