Printer Friendly


WILLIAMSPORT, Pa.--(BUSINESS WIRE)--Feb. 10, 1995--Concord Health Group, Inc. (Nasdaq:CHGR) today announced that it completed the acquisition of a rehabilitation company which provides physical and occupational therapies, and speech pathology services to over 30 health care facilities located primarily in Pennsylvania and New Jersey.

The Company also reported that it has signed definitive agreements to acquire two facilities that it currently manages.

The rehabilitation company's operations will be merged with Concord's Rehabilitation division, and is expected to contract with Concord's managed facilities. This acquisition is expected to add approximately $3,400,000, on an annualized basis, to Concord's current revenue base.

Concord also announced that it has signed definitive agreements to acquire the Berkshire Manor (opened 9/94) and Lehigh Manor (opened 11/94) facilities which are currently managed by the company. Both of these facilities are currently in the fill-up stage which is expected to be completed within twelve months of their respective opening dates. The ownership of the Berkshire Manor and Lehigh Manor facilities is expected to add approximately $11,000,000 in additional revenue, on an annualized and fully stabilized occupancy basis, above the current revenue received by Concord for the management of these facilities. The acquisitions of Berkshire Manor and Lehigh Manor are expected to be completed by March 31, 1995. Terms of the acquisitions were not disclosed.

Additionally, Concord announced that it has completed its acquisition of Hillcrest Manor, a 121-bed skilled nursing and rehabilitation facility, which includes an existing building that will be converted to an assisted living facility. Hillcrest Manor is located in a rural area, 40 miles outside of Pittsburgh, in Grove City, Pennsylvania, and is expected to add approximately $4,700,000, on an annualized basis, to Concord's current revenues.

Further, Concord reported that it has begun construction of Montgomery Manor, a 120-bed facility located in Montgomery County, Pennsylvania. Montgomery Manor is Concord's seventeenth (17) facility. Located on a five acre campus, it is adjacent to a not-for-profit, non-affiliated, assisted living and independent living facility. Montgomery Manor will consist of 60 long-term care beds and 60 sub-acute care beds.

These acquisitions, in aggregate, will add approximately $19,000,000 in annualized revenues to Concord Health Group's revenue base. This does not include the contribution from Montgomery Manor which is expected to add approximately $5.5 million in revenue, on an annualized and fully stabilized occupancy basis, to Concord's revenue base. Construction of Montgomery Manor is scheduled to be completed in fiscal 1996.

Commenting on these developments, Russell W. Twigg, Chairman and CEO, stated, "The addition of Berkshire Manor and Lehigh Manor will enable Concord to more fully expand upon our abilities to provide a full continuum of post-acute medical services through our campus delivery system. The rehabilitation company adds to the existing rehabilitation services we offer and brings the total number of non-affiliated beds served by this division to over 4,000. These developments together with the addition of Hillcrest Manor and Montgomery Manor illustrate our continued commitment to be a leading provider of post-acute services to the mid-Atlantic region."

Concord Health Group, Inc. is a developer, owner, manager and operator of long-term care facilities. Concord provides subacute care, skilled and intermediate nursing, rehabilitation, assisted-living, independent living, pharmacy services, and home care through a campus delivery system.

CONTACT: Concord Health Group, Inc., Williamsport

Russell W. Twigg

or David J. Kearney



Morgen-Walke Associates, New York

June Filingeri/Robert C.Weiner

Media Contact: Helen Spanakos

COPYRIGHT 1995 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1995, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Feb 10, 1995
Next Article:The Kushner-Locke Co. announces completion of principal photography on six-part ''Time Warriors'' direct-to-video series; Paramount Home Video to...

Related Articles
Former Manor Care execs launch assisted living firm.
Poughkeepsie receives state funds for a new assisted living facility.
Manor Care shows steady revenue increase. (Filings).
Kushner acquires 40 acre site for luxury development.
Cambridge offers up $12 mill in IL.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters