MISSION VIEJO, Calif., March 18, 2011 /PRNewswire/ -- The Ensign Group, Inc. (Nasdaq: ENSG), the parent company of the Ensign(TM) group of skilled nursing, rehabilitative care services, hospice care and assisted living companies, announced today that it acquired The Lexington, a 125-bed assisted living facility in Ventura, California, and Victoria Care Center, a 188-bed skilled nursing facility that has been operated by an Ensign subsidiary as a leased facility since 2003. The acquisition was effective March 18, 2011.
"This strategic acquisition further solidifies Ensign's operating synergies in one of our most mature and productive markets," said Christopher Christensen, Ensign's President and Chief Executive Officer. "We are dedicated to continuing the great work we've done at Victoria Care Center and hope that, with the addition of The Lexington, this full-service senior care campus will greatly enhance our ability to meet and exceed the clinical, emotional and social needs of each resident, staff member and family," he added.
These facilities were acquired from a well-regarded long-term care company that had operated The Lexington for several years. Mr. Christensen added that Ensign expects operations at The Lexington, which had an occupancy rate of approximately 80% at acquisition, to be operationally accretive to earnings in 2011. Ensign purchased the facility with cash.
Mr. Christensen reaffirmed that Ensign is actively seeking additional opportunities to acquire both well-performing and struggling long-term care operations across the Western United States. The acquisition brings Ensign's growing portfolio to 86 healthcare facilities, 57 of which are Ensign-owned, two hospice companies and a home health business. Ensign affiliates hold purchase options on eight of its 29 leased facilities.
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, and other rehabilitative and healthcare services for both long-term residents and short-stay rehabilitation patients at 86 facilities, two hospice companies and a home health business in California, Arizona, Texas, Washington, Utah, Idaho and Colorado. More information about Ensign is available at http://www.ensigngroup.net.
SOURCE The Ensign Group, Inc.