Private-equity firm Centre Partners, which has offices in New York and Los Angeles, said it completed its acquisition of Covenant Care, an Aliso Viejo, Calif.-based operator of skilled-nursing facilities and residential-care facilities. Financial terms of the deal were not available.
As part of the acquisition, Covenant Cares senior management team will retain a significant stake in the business and continue in the same executive capacities with the company, according to a corporate news release.
In 2006, Centre Partnersthrough its portfolio company DSI Holdingsacquired more than 100 dialysis clinics from Fresenius Medical Care and Renal Care Group in a transaction worth $550 million. Covenant Care was established in 1994 and operates 43 skilled-nursing facilities and residential-care facilities in seven states. -- by Jessica Zigmond