Henry Ford Village Enters into $69 Million Stalking Horse Agreement with MED Healthcare Partners | State | #seniorliving | #elderly | #seniors
DEARBORN, Mich., March 30, 2021 /PRNewswire/ — Henry Ford Village (“HFV,” “the community”) is pleased to announce it has entered into a stalking horse asset purchase agreement (“APA”) with MED Healthcare Partners (“MED”), in accordance with bid procedures approved by the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division. The APA remains subject to higher or better offers in accordance with the bid procedures and deadlines, as well as Court approval.
Under the terms of the stalking horse agreement, MED would acquire substantially all the community’s assets for $69 million. MED and its affiliates are known leaders and operators in senior living, and currently manage and operate five continuing care retirement communities,150 skilled nursing facilities and 20 assisted living and memory care facilities across the country.
“When we first began this process, we did so with the goal of fulfilling the non-profit’s mission and maintaining the standard of living and values our community strives to achieve,” said HFV’s Chief Restructuring Officer Chad Shandler. “The bid offered by MED has recognized those values in the best interests of our residents, our employees and, ultimately, our whole community. We’re pleased to establish a solid baseline bid at this stage of our restructuring as we move our community forward towards successfully emerging bankruptcy in a manner that maintains the health, safety and lifestyle of our residents for years to come.”
“As a resident of this community as well as a board member, I knew that one of the primary goals was to restructure in a way that would create a stronger financial foundation for the residents of our community without negatively impacting resident lifestyle. With this initial bid, we believe we have a means to meet that goal, as well as a path towards enhancing the facility and residential experience. We are glad that potential purchasers appreciate our home and the importance of the role our employees have in our operations by seeking to maintain the bulk of the employee base. We are encouraged by MED’s commitment to the wonderful community many have come to know, love and rely on, and we expect any other potential buyers would view Henry Ford Village the same,” said Donald Jesmore, a resident board member at HFV.
Samuel Feuer, an owner and operator at MED, said, “As the proud owner and operator of a variety of senior living communities throughout the U.S., we know that the deep sense of care within the Henry Ford Village community is unique and worth preserving. We’re excited to have reached an agreement with HFV, albeit subject to higher or better bids, that will allow us to expand our network while extending the community’s ability to serve its residents and employees now and in the future.”
The deadline for competing offers to be submitted is set for April 30, 2021. A hearing to approve the sale transaction is currently scheduled for May 24, 2021.
The APA and all relevant sale-related court filings, as well as additional information about Henry Ford Village’s Chapter 11 case, are available at http://www.kccllc.net/HFV or by calling (866) 476-0898 for U.S./Canadian calls or (781) 575-2114 for international calls.
Henry Ford Village is represented in this matter by Dykema Gossett PLLC. FTI Consulting is serving as Chief Restructuring Officer (CRO) and restructuring advisor.
About Henry Ford Village
Henry Ford Village is a Senior Living Community in Dearborn, MI, that encourages making the most out of every life opportunity. Henry Ford Village offers three levels of care for those 62 and older including independent living options, rehabilitation services, and assisted living. Henry Ford Village sits on 35 acres of land, which is home to over one hundred clubs and activities, and top-of-the-line residential care facilities for its residents to engage in and rely on. For more information, visit www.henryfordvillage.com.
About MED Healthcare Partners
MED Healthcare Partners is a premier provider of skilled nursing, assisted living, and rehabilitation services. Along with our partner management companies, we manage and operate over 150 skilled nursing facilities, 20 assisted living and memory care facilities, and five continuing care retirement communities in twenty states with continued growth on the horizon. Our incisive acquisitions methodology and unique management models are formed on the principle that, if you empower people with experience and knowledge to take an ownership role in facilities, successful clinical and financial results will follow.
The principals of MED Healthcare and its partner management companies have more than 85 combined years of experience in the healthcare and skilled nursing industry. By leveraging regional management and dividing up responsibilities among key personnel, MED is able to implement efficiencies that lead to overall lower operating costs, higher quality of care and a team best able to handle the day-to-day operations of its facilities. Having several partner organizations under one umbrella allows for a greater brain trust of healthcare knowledge, and gives us the ability to expand geographically, anticipate challenges and develop solutions for all our locations.
MED Healthcare is actively acquiring new portfolio facilities and is fully prepared to meet the challenges that the acquisition of healthcare facilities presents. As opportunities to grow and purchase new facilities arise, our philosophy has consistently been to attract and financially partner with the most skilled and dynamic executives in healthcare administration, reimbursement and financial management. By structuring our enterprise in a way in which management are our equity partners, we are able to unify clinical and financial goals from the top down and expedite our turnaround plans, while maintaining optimal clinical and financial performance. Some of our regional partner management companies include Comprehensive Healthcare, Priority Healthcare, Emerald Healthcare, Garden Healthcare, Superior Healthcare and Elm Healthcare.
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SOURCE Henry Ford Village