Post Acute Partners, a New York City-based health care services company, has completed its purchase of nearly all of ElderWood Senior Care’s facilities, a deal valued at $141.5 million.
ElderWood, one of the region’s biggest nursing home companies, was owned by the Chur family. The deal covers nine skilled-nursing facilities, six assisted-living residences, two independent-living communities and an institutional pharmacy.
The deal was long in the making: The planned acquisition was announced in May 2011, and at the time, closing was expected to take up to two years, based on the state regulatory approvals process.
The ownership change marks a new chapter for ElderWood, a company founded in 1978 by Robert M. and Carol Chur with one facility in Amherste. ElderWood has grown to 19 facilities in Western and Central New York, employs more than 2,900 people and cares for about 5,000 patients and residents annually. Robert Chur was not available to comment Monday, a spokeswoman said.
Post Acute Care plans to keep the ElderWood name on the facilities. The Chur family will keep two assisted-living residences: ElderWood Assisted Living at Heathwood, in Amherst, and ElderWood Assisted Living at Penfield, which is near Rochester. Both of those locations are now known as Heathwood Assisted Living. Chur and his daughter, Carla Suero, will operate those residences.
Post Acute Partners was founded in 2010 by Dr. Jeffrey Rubin and Warren Cole. It has operations in four states, consisting of a host of health care-related facilities. Talks between ElderWood and Post Acute Partners began in 2010, after Chur retained an investment bank to find a buyer for ElderWood.
The $141.5 million figure was part of documents Post Acute Partners filed with the state Department of Health regarding the requested ownership change.
Post Acute Partners plans to keep the ElderWood facilities’ management and staff. The longevity of the ElderWood workforce was one of the factors that made the deal appealing, Rubin and Cole said.
Rubin said Post Acute Partners plans to make improvements to the facilities over the next few years, but he did not provide a dollar estimate of those upgrades. And the company will look at using an electronic medical records-based system at the facilities, Rubin said.
Post Acute Partners says it will donate $100,000 to a charity “in honor of the Chur family and its contributions to the community.” The recipient has not yet been identified.