Biz Briefs: Skilled Healthcare Group, ServiceTRAC, Senior Housing Properties Trust, Life Care ServicesJun 29
SKH Subsidiary to Acquire Home Health Care Agency
Skilled Healthcare Group, Inc. (NYSE: SKH) has announced that one of its subsidiaries has agreed to acquire Altura Homecare & Rehab, a home health care agency serving the Albuquerque, New Mexico market. Chris Tapia, Altura’s majority owner and operator since 2009, will continue to manage the business and be active in its operations following the closing. The parties expect the closing to occur in July 2011. Skilled Healthcare expects the transaction to be slightly accretive in 2011.
“The Altura acquisition provides us with a great opportunity to expand the range of services our companies offer patients in the Albuquerque area by welcoming another established and successful home health agency to the Skilled Healthcare family,” said Boyd Hendrickson, Chairman and CEO of Skilled Healthcare Group. “Under Chris’ leadership, Altura has established itself as one of the premier home health agencies in the Albuquerque market, and we look forward to seeing that success continue going forward. We believe the acquisition is an important step in implementing our strategic plan to offer home health and hospice services in markets where we have a strong skilled nursing presence, and will provide growth opportunities for both Altura and our existing Albuquerque skilled nursing and hospice companies.”
Life Care Services to Manage Three Communities in the Carolinas
Life Care Services (LCS) has acquired the management agreements of three senior living communities in the Carolinas previously managed by Banyan Senior Living. Banyan Senior Living of Greenville, S.C., and the three managed communities reached the decision to assign the communities’ management agreements to Life Care Services effective June 1, 2011. Ken Bolt, founder of Banyan Senior Living in 1987, is now an employee of Life Care Services. With these three new communities, Life Care Services will now manage 15 Continuing Care Retirement Communities (CCRCs) in the Carolinas
The communities are:
- Covenant Place – Sumter, S.C.
- Heritage Place – Fayetteville, N.C.
- Laurel Crest – West Columbia, S.C.
“We are pleased to provide management services to these three communities,” said Brett Logan, Vice President and Senior Director of Operations Management at Life Care Services. “Life Care Services brings unique services and resources to further enhance the lifestyle experience for residents, and the work experience for employees. The new communities are a great addition to our strategy of growth in the Southeastern United States”
ServiceTRAC Releases LIVE Experience Survey
ServiceTRAC, Inc. has recently released its first iPad applications designed for skilled nursing facilities. The application creates a platform in which to gather, process and mine data for quality improvement through easy to use surveys. Known as the ”LIVE Experience Survey”. the app has been custom tailored to handle all different types of dexterity levels, vision impairments and even blindness. Because the survey is digital, questions sizes are fully adjustable and can be auditorally read to the patient if needed. Additionally, answers can be verbally spoken and recorded onto the digital survey without lifting a finger.
“While games like Angry Birds and Farmville are incredibly fun to play, the iPad technology has application beyond what most people see. We hope that by deploying this app more companies will seize the opportunity to look deep into their areas of business and identify applications that can create real change in peoples lives,” said William Nowell, CEO of ServiceTRAC, Inc.,
Senior Housing Properties Trust Enters New $750 Million Bank Facility
Senior Housing Properties Trust (NYSE: SNH) announced last week that it has entered a new $750 million unsecured revolving credit facility. The new facility replaces SNH’s previous $550 million unsecured revolving credit facility which had a maturity date of December 31, 2011. The maturity date of the new facility is June 24, 2015, and includes a borrower’s option to extend the facility for one year to June 24, 2016. Interest paid on drawings under the new facility is set at LIBOR plus 160 basis points, subject to adjustments based on changes to SNH’s credit ratings. The new facility also includes a feature under which the maximum borrowing may be increased to up to $1.5 billion in certain circumstances. The number of participating banks in the new facility increased from 18 to 26 institutions.