Private firm completes purchase of Covenant Care

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Centre Partners, a private equity firm with offices on the East and West coasts, says that it has completed its purchase of Covenant Care, which runs 43 skilled-nursing facilities and residential-care facilities in seven states. Terms of the previously announced purchase were not disclosed.

Covenant Care senior managers will keep a "significant stake in the business and continue in the same executive capacities," according to a corporate statement.

Aliso Viejo, CA-based Covenant ranked No. 20 in a list of the top 50 nursing facility chains published by the American Health Care Association in June. Based on statistics as of Dec. 31, 2007, the list showed Covenant with 46 facilities, 5,031 beds and an 89% occupancy rate. Total operating revenues were $375 million.