Utah-based PACS Group, already among the nation’s largest nursing home operators, has more than doubled its senior living portfolio after finalizing the recent acquisition of 53 communities.
The holding company announced Tuesday that it had finalized the previously announced acquisition of the independent living communities, assisted living communities and skilled nursing facilities from Prestige Care and Prestige Senior Living. Although the company already included senior living properties, the acquisition enabled the company to create a senior living vertical, executives said.
The newly acquired properties span eight states — Alaska, Arizona, California, Idaho, Montana, Nevada, Oregon and Washington — and consist of 1,334 assisted living and independent living units and 2,511 skilled nursing beds. Of the 53 communities acquired, 21 are senior living communities located in Arizona, California, Idaho, Montana, Nevada, Oregon and Washington.
The additions expanded the PACS Group network to the Pacific Northwest for the first time and increased the number of senior living communities in its portfolio from 16 to 37.
A PACS spokeswoman told McKnight’s Senior Living that the company recognized the market need for senior living, as the current senior living landscape is “not substantial enough” to support a rapidly aging population eyeing the setting.
“This is a chance for PACS to build on our experience within the space and bring our proven, decentralized model to even more senior living communities,” the spokeswoman said.
PACS and its independent subsidiaries now operate more than 276 independent living, assisted living, memory care and post-acute care locations across 15 states, serving more than 29,000 residents and patients.
“We saw this as a valuable opportunity to bring our mission-driven approach to more residents, professionals and communities — especially because of the cultural alignment between PACS and Prestige, as well as the post-acute and senior living landscapes in these markets,” PACS President and COO Josh Jergensen said in a press release announcing the finalization of the acquisition. “We are committed to building on the legacy of this family-run company to make these communities the chosen home of the people we serve, while also supporting the committed professionals who make them successful.”
