Adventist sells Extendicare four skilled nursing facilities
Extendicare Health Services announced Tuesday that it has agreed to buy four skilled nursing facilities in Indiana from Adventist Health System. The purchase price for the 321-bed transaction was $5 million in cash, according to Extendicare's Ontario-based parent company.
The four facilities are Medicare and Medicaid certified, and offer inpatient and outpatient services. Extendicare said it expects the acquisitions will add about $11 million in annualized revenues to the bottom line.
"We are very pleased to announce this accretive acquisition," said Mel Rhinelander, Extendicare Inc.'s president and CEO. "As previously indicated, we are actively looking to expand Extendicare's asset base in markets where we already have a strong presence and can benefit from local economies of scale."
Extendicare operates 271 long-term care facilities across North America, with capacity for over 28,100 residents. It also offers other services. The company employs 35,100 people in North America.