MISSION VIEJO, Calif., June 4, 2013 (GLOBE NEWSWIRE) -- The Ensign Group, Inc. (Nasdaq:ENSG), the parent company of the Ensign™ group of skilled nursing, rehabilitative care services, home health care, hospice care, assisted living and urgent care companies, announced today that it acquired Santa Maria Terrace, a 110-unit assisted living facility in Santa Maria, California. The Asset acquisition was effective Friday, May 31, 2013 and the transfer of operations was effective Saturday, June 1, 2013.
"We are excited to extend our growing assisted living footprint into the Central Coast area of California, and look forward to being a solid contributor to Santa Maria's vibrant healthcare community," said Christopher Christensen, Ensign's President and Chief Executive Officer. Noting that this was an opportunistic acquisition, he called the Terrace "an excellent operation to establish Ensign's assisted living presence in the Central Coast area."
"We look forward to enhancing the quality of residential care services provided to the Terrace's present and future residents, and helping them achieve and maintain the quality of life they deserve," said John Gurrieri, President of Bridgestone Living, Inc., the Ensign subsidiary overseeing the transition. He also added that Bridgestone expects operations in Santa Maria Terrace, which had an occupancy rate of approximately 51% at acquisition, to be mildly accretive to earnings in 2013.
In a separate transaction on the same day, an Ensign subsidiary also acquired Lake Ridge Senior Living, a 69-unit assisted living facility in Orem, Utah, which will be operated by a subsidiary of Bridgestone.
Bridgestone and Ensign have expanded Ensign's assisted living base at an accelerated pace over the past few years, with significant acquisitions in Denver, Colorado, Ventura, California, Las Vegas, Nevada, Abilene, Texas, Salt Lake City, Utah, Dallas, Texas , Phoenix, Arizona and now Orem, Utah and Santa Maria, California.
The purchases were made with cash and bring Ensign's growing portfolio to 118 healthcare facilities, 95 of which are Ensign-owned, seven hospice companies and nine home health businesses across 11 states. Ensign affiliates hold purchase options on two of its 23 leased facilities. Mr. Christensen reaffirmed that Ensign is actively seeking additional opportunities to acquire both well-performing and struggling skilled nursing, assisted living and other healthcare related businesses across the United States.
About Ensign(TM)
The Ensign Group, Inc.'s independent operating subsidiaries provide a broad spectrum of skilled nursing and assisted living services, physical, occupational and speech therapies, home health and hospice services, urgent care services and other rehabilitative and healthcare services at 118 facilities, seven hospice companies, nine home health businesses and five urgent care clinics in California, Arizona, Texas, Washington, Utah, Idaho, Colorado, Nevada, Iowa, Nebraska and Oregon. More information about Ensign is available at http://www.ensigngroup.net.