Dillsburg, PA-based Presbyterian Senior Living has entered into a non-binding letter of intent to acquire Pine Run Retirement Community, Doylestown, PA, from Doylestown Hospital.
PSL Vice President of Sales and Marketing Kristin Hambleton told the McKnight’s Business Daily that the senior living organization was contacted by a third-party broker to consider the acquisition. The not-for-profit provider serves more than 6,000 residents in 30 communities throughout the Mid-Atlantic region.
Pine Run, currently a division of the hospital, offers 272 independent living cottages and 24 independent living apartments on its 43-acre campus. The campus also includes Pine Run Health Center, which offers rehabilitation services and 90 skilled nursing beds; The Garden, a 40-bed secure memory care neighborhood on the top floor of the health center; and The Willows, a palliative service setting. Nearby Pine Run Lakeview is a 106-bed personal care residence owned and operated by Pine Run.
“PSL is extremely honored to be given the opportunity to become part of the Doylestown community and excited to continue the tradition of excellence at Pine Run, providing opportunities that promote aspirational aging and lives full of purpose. In addition, we look forward to working in partnership with Doylestown Hospital to assure ongoing quality healthcare services,” PSL President and CEO Dan Davis said in a statement.
PSL promoted Davis to president and CEO in September. Before becoming the 90-year-old organization’s fifth president, he was senior vice president and chief operating officer.
The next steps regarding the transaction include a due diligence period, execution of definitive agreements and regulatory approvals, after which PLS intends to assume ownership of Pine Run, including Pine Run Lakeview Personal Care. PSL intends to continue operating Pine Run as a continuing care retirement / life plan community.
“PSL has life plan communities in Bethlehem, PA, and in Philadelphia, which will provide a strong base for operational support,” Hambleton said.
Jim Brexler, president and CEO of Doylestown Hospital, said the hospital will continue to work with PSL to provide medical services to Pine Run.
“PSL and Doylestown Health are in discussions regarding their future working relationship with the intent to provide benefits to all parties, but most importantly to the people we both serve. More details of that partnership will be disclosed once the transaction is completed,” Hambleton said.
