Five Star Quality Care, Newton, Mass., completed its $58 million acquisition of six assisted-living centers from Gordon Health Ventures, Beaver, Pa., and bought a long-term-care pharmacy in Omaha, Neb., for $4.4 million. The purchase price for the assisted-living centers was $5.5 million less than previously expected, lowered after auditors examined the centers' financials during due diligence, Five Star said. The centers' residents are all private- pay, which fits Five Star's growth model. The company said the percentage of private-pay residents has grown to 63% in 2004 from 21% in 2001. Five Star now owns or leases 103 independent- and assisted-living centers, 52 nursing homes and three pharmacies. -- by Joseph Mantone
Assisted-living chain Five Star acquires six centers
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