Assisted 4 Living, Inc. entered into an Asset Purchase Agreement to acquire Assets of 207 Marshall Drive Operations LLC and 803 Oak Street Operations LLC from 207 Marshall Drive Operations LLC and 803 Oak Street Operations LLC for $2 million.
March 15, 2021
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Assisted 4 Living, Inc. (OTCPK:ASSF) entered into an Asset Purchase Agreement to acquire Assets of 207 Marshall Drive Operations LLC and 803 Oak Street Operations LLC from 207 Marshall Drive Operations LLC and 803 Oak Street Operations LLC for $2 million on March 10, 2021. Subject to the terms of the Purchase Agreement, the company is acquiring the Assets from the sellers in exchange for $2 million and the assumption of certain liabilities. The company paid a $0.2 million deposit upon execution of the Purchase Agreement, which will be applied to the purchase price at closing. The transaction is subject to the approval of the Bankruptcy Court and entry of a sale order determining the company to be the successful bidder, and pursuant to the terms of such sale order. It is also subject to regulatory approval, the company's approval of disclosure schedules to be provided by the sellers, and other customary closing conditions. The Transaction has been unanimously approved by the board of directors of the company. The Transaction is expected to close shortly after the sale hearing date currently scheduled for May 13, 2021. Jeffery Bahnsen of Bahnsen Legal Group, PLLC acted as legal advisor to Assisted 4 Living. Robert A. Weber of Chipman Brown Cicero & Cole, LLP acted as legal advisor to the sellers. Evans Senior Investments acted as broker to the sellers.
Arboreta Healthcare, Inc. is a diversified healthcare company. The Company operates through three divisions: Arboreta Healthcare, Banyan Pediatric Centers, and Real Living Property Holdings. Arboreta Healthcare division provides skilled nursing, rehabilitation, assisted living and independent living programs across 34 facilities in in Iowa, Nebraska, Texas, Florida, and Georgia. Banyan Pediatric Centers division provides a prescribed pediatric extended care (PPEC) program that provides nurse-staffed day care for young people (birth to 21 years) who have medical conditions that require ongoing specialized care. Real Living Property Holdings division is a real estate holding company into which all real estate is housed. It provides a full range of rehabilitation services, including physical, occupational, and speech therapies. The Companyâs independent living communities provide basic housekeeping and linen services, meals, transportation to medical appointments and simple errands.
Assisted 4 Living, Inc. entered into an Asset Purchase Agreement to acquire Assets of 207 Marshall Drive Operations LLC and 803 Oak Street Operations LLC from 207 Marshall Drive Operations LLC and 803 Oak Street Operations LLC for $2 million.