NHC Completes Acquisition of White Oak Senior Living Portfolio
07 August 2024 - 10:00AM
Business Wire
National Healthcare Corporation (NYSE American: NHC), a national
leader in senior care, announced today that it has completed the
acquisition of the White Oak Senior Living (“White Oak”) portfolio,
operating in North Carolina and South Carolina, including its
long-term care pharmacy. White Oak’s portfolio consists of six
skilled nursing facilities in North Carolina, three of which are
continuing care retirement centers, including one leased facility.
In South Carolina, the portfolio consists of nine skilled nursing
facilities, one of which also includes assisted and independent
living units.
“White Oak has been a premier skilled nursing and senior living
provider in North and South Carolina for many years. We are honored
to acquire and operate the White Oak brand and continue to provide
critical services to their patients and families,” said Steve
Flatt, Chief Executive Officer of NHC.
The acquisition represents both an expansion of NHC’s operations
into a new state and a strategic advancement of its growth in its
existing operational footprint. Prior to this acquisition, NHC
operated thirteen skilled nursing facilities and five assisted
living communities in South Carolina, as well as a long-term care
pharmacy. The White Oak acquisition will add 1,928 skilled nursing
beds, 48 assisted living units, and 302 independent living units to
NHC’s current operations.
“We are excited to make a strategic move into North Carolina and
expand our offerings in South Carolina. We expect this acquisition
to be accretive to NHC’s earnings and create several long-term
operational efficiencies and synergies inside our operating
networks. Above all, the cultures at White Oak and NHC both value
excellent care as the highest priority. That’s what made this
opportunity so attractive,” Mr. Flatt continued.
About National HealthCare Corporation
NHC affiliates operate for themselves and third parties 80
skilled nursing facilities with 10,349 beds. NHC affiliates also
operate 26 assisted living communities with 1,413 units, nine
independent living communities with 778 units, three behavioral
health hospitals, 34 homecare agencies, and 30 hospice agencies.
NHC’s other services include Alzheimer’s and memory care units,
pharmacy services, a rehabilitation services company, and providing
management and accounting services to third party post-acute
operators. Other information about the company can be found on our
web site at www.nhccare.com.
Forward-Looking Statements
Statements in this press release that are not historical facts
are forward-looking statements. NHC cautions investors that any
forward-looking statements made involve risks and uncertainties and
are not guarantees of future performance. The risks and
uncertainties are detailed from time to time in reports filed by
NHC with the Securities Exchange Commission (“SEC”), including
Forms 8-K, 10-Q and 10-K, and include, among others, the following:
the ability to integrate the White Oak operations into its
operating networks in a timely manner, if at all; liabilities and
other claims asserted against us and patient care liabilities, as
well as the resolution of current litigation; availability of
insurance and assets for indemnification; national and local
economic conditions; including their effect on the availability and
cost of labor, utilities and materials; the effect of government
regulations and changes in regulations governing the healthcare
industry, including our compliance with such regulations; changes
in Medicare and Medicaid payment levels and methodologies and the
application of such methodologies by the government and its fiscal
intermediaries, the ability of third parties for whom we have
guaranteed debt to refinance certain short term debt obligations;
and other factors referenced or incorporated by reference in NHC’s
SEC filings. The risks included here are not exhaustive. All
forward-looking statements represent NHC’s best judgment as of the
date of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20240806507547/en/
Casey Reese 615-571-2992 | media@nhccare.com
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