Beverly buyer: No break-up, and we'll buy more next year
Even before he takes the reins, the new owner of Beverly Enterprises Inc. is looking ahead to more acquisitions in long-term care, including one that is as "sizeable" as the Beverly purchase now underway."Undoubtedly, I'm confident there will be another acquisition," said Ronald E. Silva, president and CEO of Fillmore Capital Partners, a private real estate equity firm based in San Francisco.
In his first public commentary on the blockbuster deal, Silva told McKnight's he has already formulated a change of strategy for the country's second-largest nursing home chain. He plans to reverse Beverly's management focus – to the bottom up instead of the top down.
"I am a believer that the people at the property need to make the decisions," he said.
Fillmore bought the company in November for $12.50 per share after fulfilling the debt obligations of North American Senior Care. The transaction is now subject to the approval of the board and regulatory requirements.
Under Silva's plan, the administrators of each facility will be the "CEOs," he said. They will make the decisions for the building. The parent company, by contrast, will support the units and provide a philosophy for the chain. It will also coordinate the consumption of goods by the facilities.
Silva also plans to beef up the company's Aegis Therapies and AseraCare hospice care units.
The acquisition is the first for Fillmore, which previously has only supplied financing for major deals in the lodging and healthcare industries.