“`html
Ensign Group Expands Healthcare Presence with Acquisition of Eight Facilities Across Four States
Quiver AI Overview
The Ensign Group, Inc. is set to acquire eight skilled nursing and senior living facilities located in Alaska, Washington, Oregon, and California from Providence Home and Community Care. This acquisition is subject to regulatory approvals and other conditions. It encompasses both the operations and real estate of the facilities; Standard Bearer Healthcare REIT, Ensign’s real estate arm, will purchase the real estate assets. Of the eight facilities, six will be managed by Ensign-affiliated companies, while two will operate under a long-term lease with a third-party tenant. CEO Barry Port expressed confidence in the partnership with Providence and underscored their dedication to improving care services for patients. Once completed, this move will elevate Ensign’s portfolio to 330 healthcare operations across 16 states, reflecting their ongoing commitment to growth in the healthcare sector.
Benefits of the Acquisition
- Ensign Group is entering new markets through the acquisition of eight skilled nursing and senior living facilities across multiple states.
- The transaction enhances Ensign’s portfolio, which will grow to 330 healthcare operations across 16 states upon completion.
- Providence Health views the sale favorably, highlighting the shared commitment to maintaining healthcare access in local communities.
- Company leadership has indicated a strong intent to continue pursuing further acquisitions, indicating a robust growth strategy.
Challenges Ahead
- The acquisition depends on meeting regulatory approvals and closing conditions, which could potentially delay the process.
- Ensign faces the challenges of rising borrowing costs, which may affect operating margins and profitability related to the acquisition.
- Statements concerning future performance indicate a level of uncertainty regarding growth potential and financial stability, underscoring inherent business risks.
Frequently Asked Questions
What is the latest acquisition by Ensign Group?
The Ensign Group is acquiring eight skilled nursing facilities located in Alaska, Washington, Oregon, and California from Providence Home and Community Care.
Who will manage the new facilities?
Six of the facilities will be operated by companies affiliated with Ensign, while the other two will have a third-party tenant under a long-term lease.
When is this acquisition expected to take effect?
The transaction is anticipated to be finalized in the coming months, contingent upon obtaining regulatory approvals.
What are Ensign Group’s plans following the acquisition?
Ensign aims to continue acquiring and leasing additional skilled nursing and senior living properties across the nation.
What is the current scope of Ensign Group’s operations?
Once the acquisition is complete, Ensign will operate 330 facilities across 16 states, offering both skilled nursing and senior living services.
Disclaimer: This summary is derived from a press release published by GlobeNewswire. For the full release, click here.
$ENSG Insider Trading Activity
In the last six months, insiders at $ENSG have executed 13 trades on the open market, with no purchases but 13 sales recorded.
Here’s a summary of recent insider trading involving $ENSG:
- DAREN SHAW executed 3 trades, selling 4,000 shares without making any purchases.
- ANN SCOTT BLOUIN sold 375 shares.
- BARRY PORT (CEO) traded 4 times, selling a total of 14,118 shares with no purchases.
- SWATI BARGOTRA ABBOTT sold 1,000 shares.
- SPENCER BURTON (President and COO) also sold 10,618 shares without purchasing any.
To stay updated on insider transactions, visit Quiver Quantitative’s insider trading dashboard.
$ENSG Hedge Fund Activity
During the latest quarter, 238 institutional investors have added shares of $ENSG to their portfolios, while 231 reduced their holdings.
Notable recent moves include:
- BLACKROCK, INC. divested 1,919,591 shares (-21.3%) in Q3 2024.
- BAILLIE GIFFORD & CO acquired 1,055,677 shares (+inf%) in Q3 2024.
- FULLER & THALER ASSET MANAGEMENT, INC. sold 928,791 shares (-40.6%) in Q3 2024.
- WASATCH ADVISORS LP reduced their holdings by 726,573 shares (-17.9%) in Q3 2024.
- FMR LLC increased its stake by 593,779 shares (+42.3%) in Q3 2024.
- GOLDMAN SACHS GROUP INC added 395,753 shares (+177.5%) in Q3 2024.
- JANE STREET GROUP, LLC gained 322,865 shares (+618.3%) in Q3 2024.
To monitor hedge fund activity, check Quiver Quantitative’s institutional holdings dashboard.
Full Release
SAN JUAN CAPISTRANO, Calif., Dec. 18, 2024 (GLOBE NEWSWIRE) — The Ensign Group, Inc. (Nasdaq: ENSG), the parent company of the Ensign™ group of companies, which invest in and provide skilled nursing and senior living services, physical, occupational and speech therapies, other rehabilitative and healthcare services, and real estate, announced today that it has agreed to acquire eight facilities in the states of Alaska, Washington, Oregon, and California, subject to the completion of certain regulatory approvals and other closing conditions. This acquisition includes the real estate and operations and are being acquired from Providence Home and Community Care. The real estate assets for all eight facilities will be purchased by Standard Bearer Healthcare REIT, Inc., Ensign’s captive real estate subsidiary. Six of the eight operations will be operated by Ensign affiliated operating companies and two facilities will be operated by a third-party tenant that will enter into a new, long-term triple net master lease with Standard Bearer as landlord. It is anticipated that the transaction will be effective in the next few months.
Barry Port, Ensign’s Chief Executive Officer commented, “We are honored and excited for the opportunity to partner with Providence Health to transition these buildings into the Ensign family. We have profound respect for Providence and believe our values and culture are a great fit. We look forward to working together with the amazing teams of caregivers that have dedicated so much of themselves to these operations and hope that we can bring some additional tools and resources to enhance services for all their patients and families.”
Dianna Reely, chief of residential services for Providence Home and Community Care, stated, “After an exhaustive search and a thoughtful, ethical discernment, Providence is confident in the selection of The Ensign Group and its affiliates as a proven, values-aligned leader in post-acute care and senior living. We believe that Ensign brings the expertise, resources and scale needed to transform and sustain these care centers and help to ensure our local communities have continued access to these vital facilities into the future.”
Chad Keetch, Ensign’s Chief Investment Officer added, “With this new addition, we not only are adding eight very high-quality…
“`
Ensign Group Expands Healthcare Operations into New Territories
Entering New Markets
The Ensign Group, Inc. is making significant moves by venturing into Alaska and Oregon for the first time. With a team of experienced leaders set to establish their presence in these new markets, Ensign looks forward to future expansion and the development of new healthcare clusters.
Expanding Operational Portfolio
Following the completion of this transaction, Ensign’s portfolio will grow to 330 healthcare operations, 32 of which will also include senior living services, spread across 16 states. Ensign subsidiaries, including Standard Bearer, will now own 134 real estate assets. Out of these, 95 will be operated by Ensign-affiliated companies, while 35 will be leased to third-party operators. Mr. Port reiterated the organization’s commitment to pursuing further transactions aimed at acquiring additional real estate and leasing both thriving and struggling skilled nursing and senior living facilities throughout the United States.
About Providence
Providence is a national, not-for-profit Catholic health system that believes health is a human right. With 51 hospitals and over 1,100 clinics, Providence operates senior services, supportive housing, and various educational services. The organization employs over 129,000 caregivers serving communities across seven states, including Alaska, California, Montana, New Mexico, Oregon, Texas, and Washington. More about their vision for a healthier world can be found at Providence.org.
About Ensign
The Ensign Group, Inc. operates a range of skilled nursing and senior living facilities, along with rehabilitative services across 324 healthcare sites in 13 states, including Arizona and California. The company’s investment strategy involves acquiring and managing healthcare real estate focused on post-acute care. Ensign’s subsidiaries also provide complimentary services such as mobile x-ray and non-emergency transportation. For more details, visit http://www.ensigngroup.net.
Safe Harbor Statement
This press release includes forward-looking statements based on management’s current expectations and assumptions regarding business performance and future events. Terms like “anticipates” and “expects” are indicators of such statements. However, these predictions are not guarantees of future outcomes, and various risks could cause actual results to differ significantly. Factors influencing these variations include changes to service pricing, regulatory impacts, and competition. Readers are advised to review Ensign’s periodic filings with the Securities and Exchange Commission for detailed risk discussions. Ensign does not assume any obligation to update any forward-looking statements after the release date.
Contact Information
For inquiries, please contact The Ensign Group, Inc. at (949) 487-9500 or email ir@ensigngroup.net.
This article was initially published on Quiver News.
The views expressed here are those of the author and do not necessarily reflect the opinions of Nasdaq, Inc.
