Healthcare Transactions Group, Inc. initiated, advised on and closed the sale of Caroline Nursing Home, an 87-bed licensed skilled nursing facility and The Gables, a 16-unit licensed assisted living facility, in Denton, Maryland. Healthcare Transactions Group represented the Sellers, secular nonprofit organizations and subsidiaries of the nonprofit Caroline Foundation, all located in Denton, Maryland, on Maryland’s Eastern Shore. The buyer was an experienced and growing in-state Maryland long-term care operator. The transaction closed on July 1, 2015. Price and other details of the transaction are confidential.
The Sellers’ rationale for the sale was their increasing recognition that independent skilled nursing and assisted living facilities are less able to reach the economies of scale essential for survival in the current post-acute marketplace. “Stand-alone long-term care facilities in today’s healthcare world are less able to meet the growing compliance and operational requirements that favor multifacility organizations,” said Carol Baker, M.D., President of The Gables and Caroline Nursing. “With Healthcare Transactions Group’s guidance and assistance, we conducted an extensive national search and review to ensure we found the right operator who shares our commitment and dedication to quality care for our community and who has the capabilities to meet today’s and tomorrow’s industry demands.”
Healthcare Transactions Group contacted over seven hundred fifty prospective buyers throughout the U.S. about the opportunity, resulting in expressions of interest from fifty interested parties and submission of fifteen competitive bids. After an intensive evaluation of the offers and companies, and interviews with the top candidates, the Board, with Healthcare Transaction Group’s counsel, selected the winning bidder. The final price realized by Healthcare Transactions Group’s sale process was well above the Board’s consideration of the market value of the assets.
The sale consisted of the physical plants, operations and a 22.7 acre campus. In 2014, Caroline Nursing and Rehab Center was ranked as the best skilled nursing facility on Maryland’s Eastern Shore in the Pay for Performance program, measuring survey results, quality measures, client reviews and staffing.
Since 1996, Reisterstown, Maryland-based Healthcare Transactions Group has been an industry leader and trusted name in selling senior healthcare and housing facilities and has closed nearly two billion dollars in transactions in over thirty states.