The announcement marks a significant acquisition while Prestige continues to operate as a leaner senior living organization.
Vancouver, Wash. – Prestige Care (“Prestige”), an industry leader in senior living, skilled nursing and rehabilitation care, has announced a significant portion of Prestige’s operations will transition to PACS Group Inc., with Prestige’s owned buildings to be purchased by a privately held healthcare real estate investment firm.
PACS Group Inc. is a holding company investing in post-acute healthcare facilities, professionals and ancillary services. Founded in 2013, PACS Group Inc. is one of the largest post-acute platforms in the United States. Its independent subsidiaries operate over 200 post-acute care facilities across nine states serving over 20,000 patients daily.
“PACS Group Inc. is a highly regarded, mission-driven post-acute and senior care group with a track record of excellence. In choosing the right organization, it was important to us to find an engaged, enthusiastic champion of our culture and core values, committed to building on the foundation we’ve created, which PACS has demonstrated since our earliest conversations,” said Harold Delamarter, CEO of Prestige Care.
As part of the transition, PACS Group Inc. will assume operations of 53 skilled nursing centers and senior living communities previously owned and operated by Prestige.
Prestige will continue to operate 22 assisted living communities under the Prestige Senior Living banner, which allows the organization to be debt-free and fully focused on its assisted living communities, albeit as a much leaner outfit.
“This is an exciting time that marks the beginning of our company’s next chapter,” added Delamarter. “Our commitment to high-quality, compassionate care will continue to be our top priority as we focus on caring for our residents as members of our extended family.”
Houlihan Lokey is acting as exclusive financial advisor to Prestige, with Ron Goldie of the Law Office of Ron R. Goldie and Fred Gartside of Elkins Kalt Weintraub Reuben Gartside, LLP acting as Prestige’s legal advisors.
For more information on Prestige and its more than 40-year legacy of delivering values-based senior care, visit Prestigecare.com. To learn more about the sale and leadership transition, read PACS Group Inc.’s release here.
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Contact:
Kristi Herriott (206) 466-2702
Firmani + Associates Inc.
