Kindred sells its SNF portfolio for $700M
Kindred Healthcare, Louisville, Kentucky, has sold 96 of its facilities across 18 states to BM Eagle Holdings LLC, a joint venture directed by BlueMountain Capital Management LLC, for $700 million. The properties include 89 nursing homes with 11,308 skilled nursing beds and seven assisted living communities with 380 beds.
The deal marks Kindred’s departure from the skilled nursing business, a move the company had announced in October.
"The exit and sale of our nursing center operations significantly enhances shareholder value, shifts attention to our higher margin and faster growing businesses, and advances our efforts to transform Kindred's strategy," said Kindred president and CEO Benjamin A. Breier in this week's comapny announcement. "Upon completion of this transaction, we believe Kindred's capital structure, leverage profile and operating performance will all be markedly improved."
The sale is expected to close in Q3 2017.
Related article: Kindred leaving skilled nursing, focusing on home care
Pamela Tabar was editor-in-chief of I Advance Senior Care from 2013-2018. She has worked as a writer and editor for healthcare business media since 1998, including as News Editor of Healthcare Informatics. She has a master’s degree in journalism from Kent State University and a master’s degree in English from the University of York, England.
Topics: Executive Leadership