The nation’s fifth-largest skilled nursing provider is getting bigger again, with the acquisition of a South Texas property bringing its portfolio to 198 operations.
The Ensign Group announced the sale, which closed on Saturday, in a statement on Wednesday. No terms were disclosed.
Golden Palms Rehabilitation and Retirement includes a 60-bed skilled nursing operation and a senior living center with 38 assisted living beds and 92 independent living units. Ensign bought both the real estate and the operations, according to the announcement.
“Golden Palms represents an ideal growth opportunity because it combines outstanding physical facilities with a solid team of professionals that truly care about the residents and their families,” said Kevin Niccum, president of Keystone Care LLC, Ensign’s Texas subsidiary.
Among Ensign’s 198 SNFs are 27 that also feature also assisted living, 56 with assisted and independent living, 27 with hospice care, 26 with home health agencies and nine home care businesses.
Ensign touted record results for 2018 with more beds, higher census and adjusted net income of $102.1 million. That was up by 38.3% over the previous year.
The company has said it is focused on growth, much of that in the skilled sector. In 2018, Ensign reported a 36% increase in revenue over the previous year in transitional and skilled services.
Officials have said in previous calls with investors that they planned to continue a buying run through the first half of 2019.
Ensign is operating in 16 states, and this week’s purchase brings its presence in South Texas up to six properties.
