PACS Group to acquire 53-facility, eight-state post-acute company
PACS Group Inc., a Farmington-based a holding company investing in post-acute healthcare facilities, has announced that subsidiaries of the company have agreed to acquire the operations of 53 skilled nursing and assisted/independent living facilities across eight western states. The facilities are currently operated by Prestige Care, a family-owned company based in Vancouver, Washington.
PACs Group will lease 37 of the physical facilities of the operations from a joint venture in which it owns a 25 percent interest. The remaining 16 facilities will be leased from unaffiliated third-party landlords.
PACS Group was founded in 2013 and is one of the largest post-acute platforms in the United States. Its independent subsidiaries operate more than 200 post-acute care facilities across nine states serving over 22,000 patients daily. Collectively, the facilities comprise 2,511 skilled nursing beds and 1,334 assisted living and independent living units.
“We’re thrilled by the opportunity to welcome these 53 Prestige facilities, as well as their staffs and residents, to the PACS family,” said Jason Murray, PACS chairman and CEO. “The Delamarter family and the Prestige team have created a great legacy of providing compassionate care over the past many decades, and we look forward to honoring that legacy and supporting the facilities in their mission of providing quality care going forward.”
Josh Jergensen, PACS president and chief operating officer, added, “We’re excited to work with these great Prestige facilities, as well as for PACS to enter five new states. We plan to leverage our decentralized leadership model, as well as our prior experience with larger portfolio acquisitions, to quickly integrate the new facilities after the anticipated closing later this year. We’re looking forward to serving these facilities and their communities.”
PACS Group said it expects that the transactions will close in the third quarter of 2024. Financial details were not disclosed.