Transaction makes Signature HealthCARE the largest post-acute network in Kentucky
Louisville, Ky. (Dec. 2, 2015) – The 7th largest skilled nursing provider in the nation, Signature HealthCARE, LLC, has acquired the skilled nursing division of Elmcroft Senior Living, effective Dec. 1.
Elmcroft is a nationally recognized senior housing provider, which operates 82 independent, assisted, and dementia care communities with approximately 7,000 beds in 18 states. Additionally, Elmcroft owns and operates 18 skilled nursing and rehabilitation centers with approximately 1,700 beds that are the subject of this transaction.
Elmcroft’s skilled nursing division is known in Kentucky for consistently delivering quality care to its residents. Signature aggressively pursued this acquisition in its attempt to build the 1st statewide post-acute network fueled by Signature’s mission and vision to “revolutionize the healthcare industry through a culture of resident-centered services, personalized spirituality and real quality of life initiatives.”
Signature, based in Louisville, Ky., will now operate 133 post-acute centers in the U.S. with approximately 23,000 stakeholders (employees) in 11 states. Of the foregoing, Signature operates 41 post-acute centers in Kentucky, and employs 7,400 employees statewide. Signature was named “Best Places to Work in KY” in 2014 and 2015 by the Kentucky Chamber of Commerce, and was nationally awarded by Modern Healthcare in 2013 and 2015.
This purchase augments Signature’s strategic vision for the Signature Integrated Clinical Network launch in Kentucky, linked to its recent launch of the Signature Advantage Medicare insurance company, the first ever Institutional Special Needs Plan (I-SNP) in the state operated by a provider creating a statewide footprint to expand Signature’s acute care hospital partnerships for bundled payments, risk-sharing partnerships and clinical collaboration.
The real estate is owned by Care Capital Properties Inc., which spun off from Ventas, one of the five largest REITs, specializing in post-acute care. Signature will operate 49 centers nationwide under a master lease with CCP.
“Elmcroft has one of the best leadership teams, along with asset quality and successful heritage, that we have ever pursued,” said Signature President and CEO Joe Steier. “Despite many complicated headwinds and a mass exit by many national providers in the Commonwealth over the past decade, we believe this post-acute expansion will give us a bigger voice in the healthcare policy changes that are needed to enable Kentucky operators to provide our aging citizens with rural access and quality care and services.”
Pat Mulloy, Elmcroft Chief Executive Officer, said, “My partner, Tim Wesley, and I have spent most of our senior housing career focused on building high-quality assisted, independent, and dementia care communities. The divestiture of our skilled nursing division to Signature allows us to focus on our core strength. We are excited about the future and are looking for opportunities to grow in the senior housing business. Our goal has always been to build a great service company, which is grounded in being a great place to work and a brand associated with care. This transaction is a step forward in implementing that strategy.”
Signature HealthCARE is a skilled-nursing, rehabilitation and health care company with 133 skilled nursing locations in 11 states and approximately 24,000 employees. For more, visit www.ltcrevolution.com.
Elmcroft owns and operates 82 independent, assisted and dementia care communities in 18 states caring for nearly 6,000 residents. For more, visit www.elmcroft.com
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