Sale of seven skilled nursing facilities in northwest Georgia
Blueprint executed the transaction on behalf of Invesque and its regional operating partner, Traditions Senior Management
Following the 2017 acquisition of the 726-bed portfolio and ownership interest in a regional pharmacy company, Traditions drastically improved performance month-over-month through a combination of reimbursement revenue optimization and cost containment measures. Already generating nearly $50 million in total revenues with substantial cash flow, the portfolio was also set to benefit from the state legislation's budget approval that included a meaningful statewide Medicaid rate increase.
Blueprint positioned the offering by highlighting the positive performance trends and additional revenue upside, quickly establishing a competitive bidding environment among several interested buyers. Following a strategically orchestrated final round of offers, Blueprint secured maximum value for its client from a group eager to acquire this regional portfolio and pharmacy interest in order to establish a new presence in the state. Working in lockstep throughout the process with all involved parties, including HHC Finance which secured attractive acquisition debt for the buyer, Blueprint successfully closed the transaction for the seller to top off its record year.
The purchase price was $70 million or approximately $96,418 per bed, a new record for a skilled nursing portfolio exclusively located in the state of Georgia.