PACS Group Extends Footprint, Services to Pacific Northwest and Other States
September 10 2024 - 2:01PM
Business Wire
National Post-Acute Platform Adds 53
Facilities, Five New States and Senior Living Vertical to
Portfolio
PACS Group, Inc. (NYSE: PACS) (“PACS”) has finalized its
acquisition of operations of 53 skilled nursing, assisted and
independent living facilities from Prestige Care (Prestige),
bringing its proven model to new geographical areas.
The facilities span eight western states with 21 facilities in
Oregon, 19 in Washington, six in Idaho, three in Nevada and one
facility each in Alaska, Arizona, California and Montana.
Collectively, the facilities comprise 2,511 skilled nursing beds
and 1,334 assisted living and independent living units.
“PACS is committed to growing as a legacy company. Our aim is to
expand our presence as a leader in post-acute care and serve more
people through our focus on their care, well-being and quality of
life,” said Jason Murray, PACS Chairman and CEO. “As one of the
nation’s largest skilled nursing operators, we take seriously our
commitment to maintaining the operational excellence Prestige has
provided for four decades and marrying it with the benefits of our
proven model.”
This addition expands the PACS network to the Pacific Northwest
for the first time and to five new states: Alaska, Idaho, Montana,
Oregon and Washington. It also enables PACS to establish a Senior
Living vertical as it boosts its senior living portfolio from 16 to
37 communities.
“We saw this as a valuable opportunity to bring our
mission-driven approach to more residents, professionals and
communities – especially because of the cultural alignment between
PACS and Prestige, as well as the post-acute and senior living
landscapes in these markets,” said Josh Jergensen, PACS President
and COO. “We will uphold our deep commitment to empowering local
leaders and their staff who know their residents, their families
and communities the best and supporting them with resources to
elevate healthcare.”
Throughout the integration and beyond, PACS executive,
operations and human resources teams have worked closely with
Prestige leaders to uphold and protect operations without
disruption.
“PACS deeply values the legacy of care created by the Delamarter
family and Prestige team members,” said Scott Mortensen, PACS Vice
President of Ancillaries. “Love is the foundation for the care we
provide, and we look forward to bringing that ethos to senior
living communities. We are committed to building on the legacy of
this family-run company to make these communities the chosen home
of the people we serve, while also supporting the committed
professionals who make them successful.”
For more information, visit www.pacs.com.
About PACS™
PACS Group, Inc. is a holding company investing in post-acute
healthcare facilities, professionals, and ancillary services.
Founded in 2013, PACS Group is one of the largest post-acute
platforms in the United States. Its independent subsidiaries
operate over 276 post-acute care, assisted living, memory care, and
independent living locations across 15 states serving over 29,000
patients and residents daily. References herein to the consolidated
“Company,” as well as the use of the terms “we,” “us,” “our,” “its”
and similar verbiage, refer to PACS Group, Inc. and its
consolidated subsidiaries, taken as a whole. PACS Group, Inc. and
its subsidiaries that are not licensed healthcare providers do not
provide healthcare services to patients, residents or any other
person, and do not direct or control the provision of services
provided or the operations of those provider subsidiaries. All
healthcare services are provided solely by its applicable
subsidiaries that are licensed healthcare providers, under the
direction and control of licensed healthcare professionals in
accordance with applicable law.
Forward-Looking Statements
Statements in this press release may contain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 that are subject to substantial risks and
uncertainties. Forward-looking statements contained in this press
release may be identified by the use of words such as “may,”
“will,” “should,” “expect,” “plan,” “anticipate,” “would,” “could,”
“intend,” “target,” “project,” “contemplate,” “believe,”
“estimate,” “predict,” “potential” or “continue” or the negative of
these terms or other similar expressions. Forward-looking
statements include, among others, the anticipated closing of the
Prestige acquisition, potential strategic benefits of the Prestige
acquisition, and are based on PACS’ current expectations,
forecasts, and assumptions, are subject to inherent uncertainties,
risks and assumptions that are difficult to predict, and actual
outcomes and results could differ materially due to a number of
factors, including: if we fail to complete the Prestige
acquisition; if we fail to successfully integrate the business and
operations of Prestige’s facilities in the expected timeframe or at
all; and if we continue to incur substantial expenses related to
the Prestige acquisition and the related integration of the
Prestige facilities, if consummated. Other risks and uncertainties
include those described more fully in the section titled “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operation” and elsewhere in our Quarterly
Report on Form 10-Q for the three months ended March 31, 2024, and
in the PACS’ other reports filed with the U.S. Securities and
Exchange Commission. Forward-looking statements contained in this
announcement are based on information available to PACS as of the
date hereof and are made only as of the date of this release. PACS
undertakes no obligation to update such information except as
required under applicable law. These forward-looking statements
should not be relied upon as representing PACS’ views as of any
date subsequent to the date of this press release. In light of the
foregoing, investors are urged not to rely on any forward-looking
statement in reaching any conclusion or making any investment
decision about any securities of PACS.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240910499494/en/
Brooks Stevenson VP, Corporate Communications (801) 597-9538
brooks.stevenson@pacs.com
PACS (NYSE:PACS)
Historical Stock Chart
From Aug 2024 to Sep 2024
PACS (NYSE:PACS)
Historical Stock Chart
From Sep 2023 to Sep 2024