Since going public two years ago, Invesque Inc. (TSX: HLP.U) — the former Mainstreet Health Investments — had steadily moved to diversify away from the skilled nursing assets that had previously dominated its portfolio. But that doesn’t mean that CEO Scott White has a bearish outlook on institutional care going forward.
“Definitively, there is a long-term place in the health care spectrum for skilled nursing,” White told Skilled Nursing News in a Tuesday interview. “Will it look like it does today? No. Every business evolves. There is no business that survives forever without evolution, without innovation.”
White’s comments come as the Carmel, Ind.-based real estate investment firm announced the planned addition of 39 jobs through 2024, a significant boost over its current headcount of around 25; the company also relocated its headquarters to a new space in Carmel back in May.
The Indianapolis Business Journal first reported on the company’s expansion moves this week.
The move isn’t just indicative of Invesque’s recent growth push, which has seen it expand from 23 assets valued at about $425 million at the time of its initial public offering in June 2016 to 104 properties with a book value of $1.4 billion today, according to White. The company’s new digs represent yet another break from long-term care developer Mainstreet, with which Invesque had previously shared a management team.
While the two companies formally separated their leadership into two distinct units when the investment firm went public, they still both used the Mainstreet name until last November, when Mainstreet Health Investments formally rebranded as Invesque after closing on the $425 million acquisition of Care Investment Trust. The former partners continued to share the same office space until the move in May, with White now reporting that the firms are completely separate — though Invesque continues to own some of Mainstreet’s post-acute care facilities.
Read the full story at Skilled Nursing News.