Private-equity firms Formation Capital, Alpharetta, Ga., and JER Partners, MacLean, Va., said they have completed the acquisition of skilled-nursing provider Genesis HealthCare Corp., Kennett Square, Pa., for about $2 billion.
The announcement closes the chapter on the companys sale, which included a months-long bidding war earlier this year with San Francisco-based Fillmore Capital Partners, a private real estate equity firm.
As part of an amended agreement in late May, shareholders received $69.35 in cash for each share of common stock they held. Genesis has a portfolio of 220 skilled-nursing and assisted-living facilities primarily in the Mid-Atlantic states and the Northeast, and the company generated 48% of its revenue from Medicare and nonpublic payers in 2006, according to a news release from JER Partners.
Formation is a private-equity firm in the senior-housing and long-term-care sectors, and JER Partners is the private-equity investment arm of J.E. Robert Cos., a real estate investment-management company. -- by Jessica Zigmond