New Generation Health, LLC acquired 50% stake in six skilled nursing facilities in US from Genesis Healthcare, Inc..
February 03, 2020
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New Generation Health, LLC acquired 50% stake in six skilled nursing facilities in US from Genesis Healthcare, Inc. (NYSE:GEN) on February 4, 2020. The transaction included the operations and real estate associated with six skilled nursing facilities. Post transaction, Genesis Healthcare, Inc. will retain an indirect 50% interest in the facilities. In a related transaction, New Generation Health, LLC acquired leasehold rights to 13 skilled nursing, behavioral health and assisted living facilities from Genesis Healthcare, Inc. The total price for the transactions is $79 million. Net transaction proceeds were used by Genesis Healthcare, Inc. to repay indebtedness and fund its indirect investment.
New Generation Health, LLC completed the acquisition of 50% stake in six skilled nursing facilities in US from Genesis Healthcare, Inc. (NYSE:GEN) on February 4, 2020. CIT Group Inc. financed New Gen's acquisition of seven facilities through a $74.7 million senior secured credit facility.
Genesis Healthcare, Inc. is a holding company. The Company provides services to skilled nursing facilities and assisted/senior living communities. It also specializes in contract rehabilitation therapy, respiratory therapy, physician services, staffing services, and accountable care. It provides approximately 250 skilled nursing centers and senior living communities in 22 states nationwide. Its subsidiaries also supply rehabilitation therapy to approximately 1,400 locations in 43 states and the District of Columbia. It offers a range of services, which include rehabilitation therapy, memory support, long-term care, and assisted/senior living. Its rehabilitation therapy includes transitional care, short stay care, ventilator rehabilitation, dialysis, cardiac management, and pulmonary management. Its long-term care service provides 24-hour skilled nursing services for elderly residents and people with a chronic condition or a prolonged illness. It also offers hospice care services.
GENESIS HEALTHCARE, INC. 
