Published:
Formation Capital to Purchase Haven Healthcare
ATLANTA, June 12 /PRNewswire/ -- Formation Capital, LLC today announced it
has signed an agreement to purchase Haven Healthcare, a long-term care
provider that operates 27 facilities in five northeastern states. Genesis
HealthCare will manage and operate the facilities on behalf of Formation
Capital and Senior Care Development, LLC. The agreement is subject to pending
regulatory and licensing approvals, and other customary conditions. In
addition, the agreement is subject to the satisfactory completion of a due
diligence period. The agreement is expected to be finalized on August 1,
2008.
Upon closing, Formation Capital and its partners will own or lease skilled
nursing and assisted living facilities formerly owned by Haven and located in
the states ofConnecticut,Massachusetts,New Hampshire,Rhode Island and
Vermont.
Genesis HealthCare, a provider of long-term care services in New England
for more than 25 years, is expected to assume management and operational
responsibilities for Haven Healthcare's facilities effective August 1, 2008.
Genesis HealthCare operates skilled nursing centers and assisted living
residences in 13 eastern states and ranks among top providers for overall
customer satisfaction and quality medical care according to national
independent research. Furthermore, 37 Genesis Centers in New England have
earned the Quality Award from the American Health Care Association (AHCA) and
the National Center for Assisted Living (NCAL) in recent years, and 19 Centers
received the MyInnerView "Excellence in Action" Award, a national award
recognizing a commitment to quality.
"The acquisition of the Haven Healthcare facilities complements our
portfolio of healthcare companies and our strategy to meet the growing need
for skilled nursing services," says Arnold Whitman, Chief Executive Officer
and Co-Chairman of Formation Capital, LLC. "Quality of care and services is a
hallmark of Genesis HealthCare. We look forward to working with Genesis to
expand the healthcare services we provide to New England patients and their
family members."
"Genesis has a strong track record of high-quality care throughout our
organization," notes Richard Blinn, Genesis' President of the Northeast Area.
"We look forward to working with and supporting all of the dedicated staff
members of the Haven Healthcare facilities, with a goal of consistently
exceeding our customers' expectations," continues Blinn.
Genesis Healthcare operates more than 200 skilled nursing centers and
assisted living residences in 13 eastern states. They also supply contract
rehabilitation therapy to more than 700 healthcare providers in 20 states and
theDistrict of Columbia. For more information, go to
http://www.genesishcc.com.
Formation Capital, LLC invests in senior housing and care and currently is
invested in over $3 billion of assets. For more information, go to
http://www.formationcapital.com.
Contact:
Jeanne Moore
410-451-8440
Patty McQueen
860-985-3533
SOURCE Genesis HealthCare
Copyright © 2009, PRNewswire
Copyright © 2009, NewsBlaze,
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