Home Health Business Quarterly: Assisted Living Update
Balanced Care enters merger agreement
Balanced Care Corp. of Mechanicsburg, PA, which operates 53 facilities providing preventive and wellness, Alzheimer’s/dementia, and extended care services, has entered a merger plan with IPC Advisors, which holds 53% of its outstanding common shares, and IPBC Acquisition Corp., an IPC unit.
Under the agreement, IPC Advisors will acquire all the outstanding common shares it doesn’t already own for 25 cents a share in cash. IPBC Acquisition will merge into the company, and the surviving entity will become a unit of IPC Advisors.
Emeritus to lease 24 communities
Emeritus Assisted Living of Seattle, has signed a letter of intent to lease 24 assisted-living communities currently owned by Marriott International Inc. The communities, operated as Village Oaks, comprise 1,651 units in six states. The 10-year lease will give Emeritus a right to purchase or right of first offer starting in the fourth year. When the anticipated transaction is completed around Aug. 1, 2002, Emeritus will have increased its total operated capacity by 3,831 units or 32% since December 2001. The company currently holds interests in 158 communities with about 14,100 units in 31 states and Japan.
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