The Southbridge Health Care LP and Southbridge Health Care Fund announce today the acquisition of Community Lifecare’s existing nursing home portfolio and adjoining retirement residences, pending the Ministry of Health & Long-Term Care’s approval. The acquisition is scheduled to close in Q3 2014 and will increase its capacity to care for an additional 725 residents.
On the acquisition, Mike Petersen, President & CEO of Southbridge Capital Inc. shared, “Community Lifecare has a rich heritage in caring for seniors, having opened their first home in 1959. We are grateful to the Lafontaine family for the level of care they have invested in each home, focused on caring for the resident. We look forward to furthering that legacy of quality care for residents and their families under the Southbridge name.”
Southbridge Facts & Figures at a Glance (post acquisition)
- Combination of 20 long-term care & retirement homes
- Capacity to care for over 2,100 residents
- Provides an essential service for Ontario’s aging population
- Launched Southbridge Health Care LP and Southbridge Health Care Fund in November, 2012, providing investors unique access to Ontario’s health care market
Why We Care
Southbridge’s principals have been in the long-term care industry since 1967. “We operate and manage these homes with the thought that it could be our own mother in these homes,” says Petersen. “In fact, the very first home we purchased in 1967 was purchased with my grandparents in mind.”
With the acquisition of Community Lifecare, Southbridge will employ over 2,300 in 17 cities across Ontario, providing quality care for 2,100 residents in a combination of long-term care homes and retirement facilities.