Golden Living Completes Sale of 13 Arkansas Nursing Homes to Capital SeniorCare Ventures
Fort Smith, Ark., July 1, 2009 — Golden Living has completed the previously announced sale of 13 LivingCenters and one independent living facility in Arkansas to affiliates of Capital SeniorCare Ventures, LLC, a Maryland-based company affiliated with Capital Funding Group, Inc., that owns nursing facilities in several states. The sale represents Golden Living’s entire portfolio of skilled nursing facilities in the state.
Capital SeniorCare Ventures is completing this transaction through its short-term equity program, a financing mechanism that allows local operators to own their buildings within the first five years of the leasing arrangement. The 13 nursing homes and the independent living facility will be leased to 13 entities affiliated with Senior Living Communities of Arkansas, a highly regarded nursing home operator. The new operators plan to retain the current staff at each of the facilities.
“From our residents’ perspective, the transaction will be transparent, because they will continue to be served by the same great staff they have come to know and trust,” said Larry Deans, President of Golden LivingCenters. “In addition, the new operators will continue to utilize Aegis Therapies as their contract rehabilitation therapy provider, which will provide both the continuity and quality of care that our patients expect and deserve.”
Dwight Kouri of Capital SeniorCare Ventures said, “The acquisition further strengthens our relationship with regional operators that are looking to grow. Our new Arkansas tenant/operators are experienced providers of high-quality nursing care and bring a wealth of expertise and experience to these facilities. We are very excited about this opportunity.”
Deans noted that the sale does not involve or affect the Golden Living headquarters office in Fort Smith, Ark.
About Golden Living (www.goldenliving.com)
The Golden Living family of companies provides care and services that directly or indirectly serve the elderly and disabled, including companies that operate nursing homes and provide rehabilitation therapy, hospice care, home health services and temporary staffing services. There are more than 300 Golden LivingCenters (skilled nursing facilities) in 21 states. Golden Living also offers assisted living services at more than 40 locations. In addition, the Golden Innovations companies are leading providers of integrated senior healthcare services, partnering with more than 1,000 nursing homes, hospitals and other healthcare organizations in 37 states. Golden Innovations companies include Aegis Therapies, AseraCare Hospice and Home Health, 360 Healthcare Staffing, Ceres Purchasing Solutions, and Vizia Healthcare Design Group. Collectively, the Golden Living family of companies has nearly 40,000 employees who provide quality health care to more than 30,000 patients every day.
Contact: Blair Jackson, (479) 201-5263