The Ensign Group, Inc. (NASDAQ: ENSG), announced today that an Ensign subsidiary has acquired Connected Home Health, a small home health agency based in Portland, Oregon. The asset acquisition was effective as of February 10, 2012.
"We are pleased with the growth and development of our home health businesses thus far, and this lateral diversification broadens Ensign's reach into that business," said Christopher Christensen, Ensign's President and Chief Executive Officer. "More importantly," he added, "this acquisition is an important first step in our desire to offer a wide range of healthcare services to the vibrant Oregon healthcare community."
Connected Home Health will be operated by a subsidiary of Cornerstone Healthcare, Inc., Ensign's home health and hospice-based portfolio subsidiary. It joins Horizon Home Health and Hospice, Ensign's existing home health and hospice operation in Idaho, Custom Care Hospice, Ensign's hospice operation in the Dallas, Texas market, Symbii Home Health and Hospice, Ensign's home health and hospice operation in the Salt Lake City, Utah market, Homecare Solutions, Ensign's home health agency in Denver, Colorado and Careage Home Care, Ensign's home health agency in Cherokee, Iowa.
Ensign purchased the agency, formerly known as Portland Home Health, with cash and expects the transaction to be mildly accretive to earnings in 2012. Mr. Christensen reaffirmed that Ensign is actively seeking additional opportunities to acquire both well-performing and struggling skilled nursing, assisted living and other healthcare-related businesses across the United States.
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