FRANKLIN, Tenn.-Advocat, a Franklin-based long-term-care company, has agreed to acquire the assets of Pierce Management Group of North Carolina, a privately held assisted-living company based in Kernersville, N.C., for $32 million. Under the deal, Advocat acquired 15 assisted-living facilities and agreed to lease another 14 with an option to buy after five years. The 29 facilities provide assisted-living services to 2,000 residents and are located primarily in rural areas in the state. Advocat said the facilities will add about $26 million to its revenues. The transaction is expected to close by the end of September. Advocate operates 65 nursing homes and 22 assisted-living facilities in nine Southeastern states and two Canadian provinces.
ATLANTA-Housecall Medical Resources said it has entered a joint venture agreement with Orlando, Fla.-based Healthy Connections Management Services to offer comprehensive home care for women. Housecall now will offer the Healthy Connections program, which provides 24-hour-a-day clinical management and availability of trained obstetric and gynecological nurses through a centralized monitoring center in Orlando. Atlanta-based Housecall said the focused gynecological services should help attract payers interested in controlling costs related to pre-term deliveries.
ATLANTA-Centennial HealthCare Corp., an Atlanta-based long-term-care company, said it has acquired Avon, Conn.-based Complex Care, a privately owned provider of physical, occupational and speech therapy services. Terms of the transaction were not disclosed. Complex Care reported 1996 revenues of $12.5 million and provides services through some 45 contracts with long-term-care facilities in Connecticut and Rhode Island. Centennial called expanding its specialty services through such acquisitions one of the company's "primary objectives." The company operates 85 owned, leased and managed skilled-nursing facilities in 19 states. The company also provides comprehensive rehabilitation services to nursing home residents through 115 contracts in 19 states and through 30 home-care centers.
ALPHARETTA, Ga.-EdenCare Senior Living Services has agreed to lease or buy seven assisted-living communities. Terms of the agreements were not disclosed. EdenCare said it purchased three assisted-living communities from Pulliam Investment Co. of Spartanburg, S.C., and Aaron Enterprises of Hendersonville, N.C. The properties are Summit Place of Aiken (S.C.), Summit Place of Rock Hill (S.C.) and Summit Place of Columbia (S.C.). EdenCare said it also has signed long-term lease agreements with three additional Summit Place communities in the Carolinas and will manage these with an option to buy. In addition, Alpharetta-based EdenCare said it purchased land with Pulliam to develop a 66-unit assisted-living community known as EdenGardens of Concord (N.C.).