The Ensign Group Purchases California Skilled Nursing Facility
MISSION VIEJO, Calif., Aug. 1, 2012 (GLOBE NEWSWIRE) -- The Ensign Group, Inc. (Nasdaq:ENSG), announced today that it has acquired the underlying real estate and other operating assets of Palomar Vista Healthcare Center, a 74-bed skilled nursing facility in Escondido, California. An Ensign subsidiary has been operating the facility since July 2003 under a lease that included a purchase option. The acquisition was effective August 1, 2012
"With this addition to our real estate portfolio we now own 78% of the facilities operated under the Ensign banner," said Christopher Christensen, Ensign's President and Chief Executive Officer. He stated that the purchase further demonstrates Ensign's deep and long-term commitment to the San Diego County healthcare community and that he expects the facility to continue to build on the outstanding reputation developed by its dedicated therapists and caregivers.
Ensign also acquired Discovery Care Centre, a skilled nursing facility and assisted living facility with 45 skilled nursing beds and 24 assisted living units located in Salmon, Idaho, and Owyhee Health & Rehabilitation Center, a skilled nursing facility with 49 beds located in Homedale, Idaho, on August 1, 2012.
The Escondido purchase and the Idaho purchases were made with cash and bring Ensign's growing portfolio to 107 facilities, 83 of which are Ensign-owned. Ensign affiliates hold purchase options on four of its 24 leased facilities. Mr. Christensen reaffirmed that Ensign is actively seeking additional opportunities to acquire both well-performing and struggling skilled nursing, assisted living and other healthcare-related businesses across the United States.
About Ensign ™
The Ensign Group, Inc.'s independent operating subsidiaries provide a broad spectrum of skilled nursing and assisted living services, physical, occupational and speech therapies, home health and hospice services, urgent care services and other rehabilitative and healthcare services at 107 facilities, four hospice companies and six home health businesses in California, Arizona, Texas, Washington, Utah, Idaho, Colorado, Nevada, Iowa, Nebraska and Oregon. More information about Ensign is available at http://www.ensigngroup.net.
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