Golden Living completes sale of all Arkansas nursing homes
by July 1, 2009 3:56 pm 849 views
Fort Smith-based Golden Living is officially out of the nursing home business in Arkansas.
The company announced Wednesday (July 1) the completion of a previously announced deal to sell 13 of its “LivingCenters” and one independent living facility in Arkansas to Capital SeniorCare Ventures. SeniorCare is owned by Baltimore, Md.-based Capital Funding Group.
“The sale represents Golden Living’s entire portfolio of skilled nursing facilities in the state,” noted a statement from Golden Living. The statement noted that the transaction did not include the company’s headquarters facility in Fort Smith.
Financial details of the deal were not disclosed.
According to the Capital SeniorCare Web site, the company “acquires and constructs skilled nursing facilities in order to lease and ultimately sell them to high-quality operators. Capital SeniorCare Ventures provides its operators with the opportunity to own the facilities they operate much faster than most traditional REIT or similar financing by allowing the operators to purchase the facilities on a ‘flip’ within a two to five year timeframe. This structure has been a popular option to many operators who are looking for ownership without a large initial capital investment.”
Also, SeniorCare is managed by Dwight Kouri, a former senior vice president of corporate development for Beverly Enterprises, a publicly held company based in Fort Smith that was purchased by San Francisco-based Pearl Senior Care (Golden Living). Kouri was with Beverly during the transition into the new ownership of Golden Living.
“The acquisition further strengthens our relationship with regional operators that are looking to grow. Our new Arkansas tenant/operators are experienced providers of high-quality nursing care and bring a wealth of expertise and experience to these facilities. We are very excited about this opportunity,” Kouri said in the statement issued by Golden Living.
Larry Deans, president of Golden LivingCenters, said SeniorCare will continue to use Aegis Therapies for rehabilitation therapy services. Aegis is a division of Golden Living.
Golden Living through various divisions provides direct or indirect services for the elderly and disabled. The services include nursing home care, rehabilitation therapy, hospice care, home health services and temporary staffing services. The company employs more than 40,000 and has in its care about 30,000 patients every daily.
Following the transaction with SeniorCare, the company boasts more than 300 Golden LivingCenters (nursing home) in 21 states, and partners with more than 1,000 nursing homes, hospitals and other healthcare organizations in 37 states.