Emeritus to Enter Home Health Care Business with $102M Purchase
- Nov 05, 2012
Emeritus Corp., the largest provider of assisted living and memory care services in the country, has just made plans to branch out into new territory. The company will enter the home health care business with a big splash through the planned $102 million acquisition of Florida-based Nurse on Call Inc.
It’s a new game for Emeritus, but it’s a complementary one. “As the largest Medicare-licensed home health provider in Florida, Nurse on Call is a great fit for Emeritus Senior Living,” Granger Cobb, CEO of Emeritus, told Commercial Property Executive. “Building from the large base of Nurse on Call services currently provided in seniors’ homes, we plan to offer these services to residents in Emeritus’ 44 Florida communities–and to then expand the platform to other states where we have a significant presence.”
Those services span from assistance for individuals in need, help with basic daily living activities to patients recovering from surgery, all provided by a group of 1,700 skilled nursing, rehabilitation therapy, medical social services staff members.
With plans to rely on proceeds from the recently announced, $1.8 billion disposition of a portfolio held in a joint venture with Blackstone Real Estate Partners VI, Emeritus will purchase 91 percent of the equity of NOC’s parent company, leaving the remaining stake to certain members of the management team at NOC.
When all is said and done, Emeritus will have established a very large footprint in the Sunshine State’s home health care industry. Currently, NOC operates from 28 offices spanning 47 counties.
NOC will not only increase Emeritus’ staff by nearly 2,000 in one fell swoop, it will, Emeritus anticipates, fatten the company’s wallet in short order as the purchase of NOC is expected to be immediately accretive to earnings. The transaction is on target to close before year’s end.