Pennant Acquires Senior Living Operations in Wisconsin
The Pennant Group, Inc. (NASDAQ: PNTG) announced the acquisition of two memory care and assisted living facilities in Wisconsin: Robins Landing at New Berlin and Robins Landing at Brookfield.
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Rhea-AI Summary
The Pennant Group, Inc. (NASDAQ: PNTG) announced the acquisition of two memory care and assisted living facilities in Wisconsin: Robins Landing at New Berlin and Robins Landing at Brookfield. The acquisition, effective March 16, 2023, involves 44 and 52 beds respectively and will operate under a long-term, triple-net lease. CEO Brent Guerisoli emphasized that this expansion enhances their existing operations in Wisconsin, strengthening their home health and senior living service offerings. The company continues to seek further acquisition opportunities across the U.S.
Positive
- Acquisition of two facilities enhances senior living offerings in Wisconsin.
- Strategic expansion complements existing operations in the state.
- Long-term lease indicates commitment to the new facilities.
Negative
- None.
Details
News Market Reaction – PNTG
The recorded move for PNTG in the trading session of this news was +1.79%.
Data tracked by StockTitan Argus. Session date unavailable.
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EAGLE, Idaho, March 20, 2023 (GLOBE NEWSWIRE) -- The Pennant Group, Inc. (NASDAQ: PNTG), the parent company of the Pennant group of affiliated home health, hospice, home care and senior living companies, today announced that it has completed the acquisition of operations of Robins Landing at New Berlin, a 44-bed memory care and assisted living facility located in New Berlin, Wisconsin, and Robins Landing at Brookfield, a 52-bed memory care and assisted living facility located in Brookfield, Wisconsin. The acquisition was effective March 16, 2023 and will be subject to a long-term, triple-net lease.
“We are very excited to expand our senior living offerings in the State of Wisconsin,” said Brent Guerisoli, Chief Executive Officer of Pennant. “This acquisition complements our existing operations in the area, including home health, hospice, and a strong network of senior living communities,” Guerisoli added.
“We could not be happier to add Robins Landing at New Berlin, and Robins Landing at Brookfield. Our Wisconsin leaders are eager and excited by the opportunity to turn these operations into the employers of choice and communities of choice in New Berlin and Brookfield,” added Andrew Rider, President of Pinnacle Senior Living LLC, Pennant’s senior living subsidiary.
Mr. Guerisoli reaffirmed that Pennant continues to pursue opportunities to acquire high quality home health, hospice, home care and senior living businesses throughout the United States.
About Pennant:
The Pennant Group, Inc. is a holding company of independent operating subsidiaries that provide healthcare services through 95 home health and hospice agencies and 51 senior living communities located throughout Arizona, California, Colorado, Idaho, Iowa, 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
SOURCE: The Pennant Group, Inc.
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