PACS Group Closes Acquisition of Operations at 8 Facilities in Pennsylvania, Including Real Estate on 4
PACS Group, Inc. (NYSE:PACS) ("PACS" or the "Company") announced today that independently operated subsidiaries of the Company have acquired the operations of 8 skilled nursing facilities in Pennsylvania. The facilities are located in the western Pennsylvania cities of Pittsburgh, Bedford, Bethel Park, Monroeville, and McMurray, and collectively comprise 1,199 skilled nursing beds. Four of the facilities are being leased from an affiliate of CareTrust REIT (NYSE:CTRE), and subsidiaries of the Company acquired the real estate of the remaining four facilities.
"We're excited to enter into Pennsylvania — a new market for PACS and our 17th state — and we're pleased to welcome these 8 facilities, as well as their staffs and residents, to the PACS family," said Jason Murray, PACS Chairman and CEO. "We see tremendous opportunity to bring our model of post-acute care to the Greater Pittsburgh area, and provide top-level care to the communities the facilities serve."
Derick Apt, PACS CFO, noted: "This acquisition illustrates an important element of our growth model in action. We consider acquisitions, both large and small, lease and purchase, when we believe the PACS operating model can thrive in this kind of market — and in new markets — and we look forward to seeing the good that these facilities can provide to their communities in the years to come."
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 284 post-acute care and senior living facilities across 16 states, serving over 27,000 patients 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. More information about PACS is available at https://IR.pacs.com.
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