The Ensign Group is “very pleased” with the results of the spinoff of The Pennant Group, which focuses on senior living, home health and hospice, Ensign Chief Investment Officer Chad Keetch said Thursday. And despite the spinoff, Ensign continues to invest in senior living properties.
When it comes to acquisitions in senior living, the new Pennant Group is being ”very selective in a very, very frothy market,” President and CEO Danny Walker said Wednesday on the holding company’s first-ever earnings call.
The Pennant Group has spun off from San Juan Capistrano, CA-based The Ensign Group, the organizations announced Tuesday. The new company is based in Eagle, ID.
The Ensign Group has set a record date of Sept. 20 for the previously announced spinoff of its subsidiary, The Pennant Group, the San Juan Capistrano, CA-based company announced Wednesday.
CareTrust REIT remains interested in acquiring senior living communities, despite it being a couple of years since the company made a deal that was limited to senior housing, executives said Wednesday. And The Ensign Group’s spinoff plans will provide additional opportunities, they added.
With favorable market conditions, the infrastructure in place and a prepared organization and leadership, the time was right to spin off Ensign’s home health and hospice agencies, along with most of it senior living businesses, into a new company, Daniel H. “Danny” Walker said Tuesday during Ensign’s first-quarter earnings call.
