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SOUTHBRIDGE ANNOUNCES ACQUISITION OF PROVINCIAL LONG TERM CARE’S EXISTING NURSING HOME PORTFOLIO & ADJOINING RETIREMENT RESIDENCES

emily enns

By emily enns

FOR IMMEDIATE RELEASE
Contact: Richard Franzke
Tel: 519-621-8886



SOUTHBRIDGE ANNOUNCES ACQUISITION OF PROVINCIAL LONG TERM CARE’S EXISTING NURSING HOME PORTFOLIO & ADJOINING RETIREMENT RESIDENCES

(Cambridge, ON – July 12, 2016) The Southbridge Health Care LP and Yorkville Long Term Health Care Fund announce today the acquisition of Provincial Long Term Care’s nursing home portfolio and adjoining retirement residences, pending the Ministry of Health & Long-Term Care’s approval. The acquisition is scheduled to close in Q4 2016 and will increase Southbridge’s capacity to care for an additional 494 residents.

On the acquisition, Keith McIntosh, President & CEO of Southbridge Capital Inc. shared, “We are very excited to welcome Provincial Long Term Care to our family of homes. The Ozimek family has provided a high standard of quality care for the seniors in the communities they have serviced for the past 40 years. We look forward to continuing that legacy through our management of a best-in-class portfolio of care homes and retirement communities that consistently deliver excellence in care and services to the seniors of Ontario.”

Christine Ozimek, Chief Executive Officer at PLTC Inc, commented, “Over the years, the family has received a number of expressions of interest in our business. After careful consideration, we decided that Southbridge was the best fit; for our employees, for our residents and for our family. We are confident that these new owners will ensure a comparable or enhanced level of care and service for our residents and security and opportunity for our employees”.

Southbridge Facts & Figures at a Glance (post acquisition)

Combination of 34 long-term care & retirement homes
Capacity to care for over 2,700 residents
Provides an essential service for Ontario’s aging population

With the acquisition of Provincial Long Term Care, Southbridge will employ over 3,000 employees in 22 communities across Ontario, providing quality care for 2,700 residents in a combination of long-term care homes and retirement facilities.

About Southbridge Care Homes - Southbridge Care Homes is a Canadian owned enterprise providing acquisition, management and redevelopment services to the long-term care and retirement home sector. Our mission is to operate a best-in-class portfolio of care homes and retirement communities that consistently deliver excellence in care and services in an economically sustainable manner.

About Yorkville Long Term Health Care Fund - The Yorkville Long Term Health Care Fund is an open ended mutual fund trust that invests in partnerships that acquire, operate and re-develop long-term care homes in the Province of Ontario. For more information about the Yorkville Long Term Care Health Care Fund or to purchase units, please contact Ralph Desando, Managing Director, Yorkville Asset Management Inc. at 647-776-7481.
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