Ziegler completes sale of 20 assisted living centers in Wisconsin
CHICAGO, IL – August 6, 2015 – Ziegler, a specialty investment bank, is pleased to announce the successful closing of the sale of leasehold interests and transfer of operations of Harmony Living Centers, LLC (Harmony) to The Ensign Group (Ensign). Harmony has been a provider of assisted living services and quality senior care since 1999. The portfolio included 20 assisted living communities on 15 campuses throughout Wisconsin.
Headquartered in Menomonee Falls, Harmony is a privately-held corporation co-founded by Guy W. Smith and his son Mike. The portfolio is one of the largest in the State and includes 17 CBRFs and three RCACs totaling 761 units, and has built a strong reputation for providing quality care for Wisconsin seniors. In January 2007, Ziegler helped Harmony negotiate and complete a $100 million sale-leaseback transaction with Wakefield Capital in which Harmony continued operating the portfolio but sold a substantial majority of its real estate holdings. The communities are now part of a master lease structure with Ventas, Inc., (VTR) a public real estate investment trust. As part of the transaction, Ensign assumed the long-term master lease, which includes an option to purchase all of the real estate. The acquisition was effective August 1, 2015.
Ziegler served as the exclusive advisor to Harmony in the sale and transfer of leasehold interest and operations to Ensign. Ziegler worked closely with the senior management team to determine probable value, market the business to logical and qualified operators, navigate issues related to lender and landlord consents, and negotiate definitive agreements. Ziegler secured multiple proposals to acquire Harmony operations. “Ultimately, Harmony chose Ensign to carry on its tradition of high quality care to Wisconsin seniors,” said Bill Mulligan, Managing Director of Ziegler’s Corporate Finance team.
“Ziegler was instrumental not only in finding a qualified successor for Harmony, but introduced the Wisconsin assisted living community to a rapidly growing and well-regarded public company like Ensign.” said Mike Smith, partner and general counsel at Harmony. “It was a terrific opportunity to transition the facilities to a company with a strong reputation for quality,” he added.
Ziegler’s Corporate Finance team is focused on delivering best-in-class advisory and financing solutions for companies and organizations across the healthcare industry. In our core practice areas of senior living, post-acute care, hospitals, healthcare services and information technology, Ziegler is one of the most active M&A firms offering innovative sell-side, buy-side, recapitalization, restructuring, private equity placement and strategic partnering services.
For more information about Ziegler Corporate Finance practice please visit us at www.Ziegler.com/
About Ziegler:
The Ziegler Companies, Inc., together with its affiliates (Ziegler), is a privately held, specialty investment bank with unique expertise in complex credit structures and advisory services. Nationally, Ziegler is ranked as one of the leading investment banking firms in its specialty sectors of healthcare, senior living, religion, and education, as well as general municipal and structured finance. Headquartered in Chicago, IL with regional and branch offices throughout the U.S., Ziegler provides its clients with capital raising, corporate finance, FHA/HUD, strategic advisory services and research. Ziegler serves institutional and individual investors through its wealth management and capital markets distribution channels.
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