Emeritus Adds to Senior Living Services With $102M Buy
SEATTLE-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that assisted living firm Emeritus Corp. will purchase Nurse on Call Inc., a home health care provider in Florida for $102 million in cash for 91% of the equity of NOC’s parent company, and the remaining equity will be owned by certain members of NOC’s management team.
The company will fund the purchase primarily from net proceeds realized from the recently closed sale of joint venture communities. “The acquisition of Nurse on Call will add in-home care to our spectrum of senior living services,” explains Granger Cobb, president and CEO of Emeritus.
Emeritus expects that the acquisition of NOC will be “immediately accretive to earnings.” According to Cobb, NOC will allow Emeritus to “expand and better coordinate our continuum of post-acute services for our residents, and it will provide Emeritus with a platform for expansion of home health care services throughout our communities and other markets across the US.”
According to Dale Clift, the CEO of Nurse on Call, by joining forces with Emeritus, NOC will be “well-positioned” to expand its services and scale nationally, “while remaining committed to patient-focused care, high quality, uncompromising integrity, and teamwork.”
Final closing is expected to be completed in the fourth quarter of 2012.
Emeritus has been busy lately. As GlobeSt.com reported in October, Emeritus Corp. and HCP Inc. agreed to purchase 142 senior housing communities owned by a joint venture composed of Emeritus, Blackstone Real Estate Partners, certain former tenants-in-common and an investment fund affiliated with Dan Baty, Emeritus’ chairman for $1 billion. Emeritus owns a roughly 6% interest in the Blackstone joint venture and has been operating the communities since 2010 under management agreements for a fee equal to 5% of collected revenues.
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