The Ensign Group Acquires Facilities in Wisconsin
Rhea-AI Summary
The Ensign Group (ENSG) has expanded its Wisconsin presence through multiple acquisitions effective November 1, 2024. Through its real estate subsidiary Standard Bearer Healthcare REIT, the company acquired four assisted living facilities in Green Bay and Appleton, which will be operated by The Pennant Group under long-term triple net leases. The facilities include Marla Vista Assisted Living (40 assisted living beds, 20 memory care beds), Marla Vista Manor (20 memory care beds), Carrington Assisted Living (20 assisted living beds), and Carolina Assisted Living (45 assisted living beds). Additionally, Ensign acquired Benedictine Living Community Wausau, an 82-bed skilled nursing facility. These acquisitions bring Ensign's portfolio to 325 healthcare operations across fourteen states, including 128 owned real estate assets.
Positive
- Portfolio expansion with acquisition of 5 new facilities in Wisconsin
- Strategic partnership with Pennant Group as operator ensures experienced management
- Addition of 227 total beds across various care segments
- Increased real estate asset ownership to 128 properties
- Geographic market expansion in the Midwest region
Negative
- None.
News Market Reaction
On the day this news was published, ENSG declined 0.61%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
SAN JUAN CAPISTRANO, Calif., Nov. 04, 2024 (GLOBE NEWSWIRE) -- The Ensign Group, Inc. (Nasdaq: ENSG), the parent company of the Ensign™ group of companies, which invest in and provide skilled nursing and senior living services, physical, occupational and speech therapies, other rehabilitative and healthcare services, and real estate, announced today that through subsidiaries of Standard Bearer Healthcare REIT, Inc., Ensign’s captive real estate company, it acquired the real estate to Marla Vista Assisted Living, an assisted living facility with 40 assisted living beds and 20 memory care beds located in Green Bay, Wisconsin; Marla Vista Manor, a memory care facility consisting of 20 memory care beds located in Green Bay, Wisconsin; Carrington Assisted Living, an assisted living facility with 20 assisted living beds located in Green Bay, Wisconsin; and Carolina Assisted Living, an assisted living facility with 45 assisted living beds located in Appleton, Wisconsin. Each of these facilities will be operated by affiliates of The Pennant Group, Inc., and subject to long term triple net leases.
“Standard Bearer continues to grow, and these facilities are a terrific addition to its strong Midwest portfolio,” said Barry Port, Ensign's Chief Executive Officer. “We know that in The Pennant Group we have an outstanding operator to run these buildings and we couldn’t be more excited about working with them again,” he added.
“We are pleased to expand our presence in Wisconsin through this strategic acquisition. Our strong ongoing Partnership with Ensign and Standard Bearer reflects our shared values and commitment to enhancing the quality of life for seniors in the communities we serve,” said Pennant CEO, Brent Guerisoli.
In separate transactions on the same day, Ensign announced that it acquired the real estate and operations of Benedictine Living Community Wausau f/k/a Benedictine Manor of Wausau, an 82-bed skilled nursing facility located in Wausau, Wisconsin. The real estate was acquired by a subsidiary of Standard Bearer.
These acquisitions are effective as of November 1, 2024, and bring Ensign's growing portfolio to 325 healthcare operations, 30 of which also include senior living operations, across fourteen states. Ensign subsidiaries, including Standard Bearer, own 128 real estate assets. Mr. Port reaffirmed that Ensign is actively seeking opportunities to acquire real estate and to lease both well-performing and struggling skilled nursing, senior living and other healthcare related businesses throughout the United States.
About Ensign™
The Ensign Group, Inc.'s independent operating subsidiaries provide a broad spectrum of skilled nursing and senior living services, physical, occupational and speech therapies and other rehabilitative and healthcare services at 325 healthcare facilities in Arizona, California, Colorado, Idaho, Iowa, Kansas, Nebraska, Nevada, South Carolina, Tennessee, Texas, Utah, Washington and Wisconsin. More information about Ensign is available at http://www.ensigngroup.net.
Contact Information
The Ensign Group, Inc., (949) 487-9500, ir@ensignservices.net
SOURCE: The Ensign Group, Inc.
About Pennant:
The Pennant Group, Inc. is a holding company of independent operating subsidiaries that provide healthcare services through 122 home health and hospice agencies and 56 senior living communities located throughout Arizona, California, Colorado, Connecticut, Idaho, Montana, Nevada, Oklahoma, Oregon, Texas, Utah, Washington, Wisconsin and Wyoming. Each of these businesses is operated by a separate, independent operating subsidiary that has its own management, employees and assets. References herein to the consolidated "company" and "its" assets and activities, as well as the use of the terms "we," "us," "its" and similar verbiage, are not meant to imply that The Pennant Group, Inc. has direct operating assets, employees or revenue, or that any of the home health and hospice businesses, senior living communities or the Service Center are operated by the same entity. More information about Pennant is available at www.pennantgroup.com.
Contact Information
The Pennant Group, Inc., (208) 506-6100, ir@pennantgroup.com
FAQ
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