Increasing its footprint in Ontario, Southbridge Health Care LP, together with the Southbridge Health Care Fund, is pleased to add Chelsey Park to its growing family of long-term care homes. Strategically located in downtown London, Ontario, Chelsey Park has 247 long-term care beds and 318 apartment/retirement style beds, split between three separate facilities. This marks Southbridge’s 10th acquisition in the last 13 months.
“We look forward to becoming involved in the London community and making a positive difference in the lives of the residents in our care, their families, and our employees,” said Michael Petersen, President & CEO of Southbridge Capital Inc.
Today’s acquisition brings the total number of long-term care homes owned by Southbridge Health Care LP to 10 with 1,263 beds in total (including assisted and retirement living beds). Southbridge Health Care LP is managed by Southbridge Health Care GP Inc., a wholly owned subsidiary of Southbridge Capital Inc.
As evidenced by its activity this year, Southbridge Health Care LP is enjoying rapid but carefully planned growth. Of its most recent acquisition, Petersen remarked, “2013 has been a tremendous year of growth for Southbridge. Our goal is to support Ontario’s seniors and their families by making these homes a place they can be proud to call home all while receiving the quality of care they so deserve.”
Southbridge has no plans to slow down its growth and intends to close on another 2 long-term care homes before this year’s end, followed by another round of acquisitions projected to close by mid-2014.
Units in the Southbridge Health Care Fund are distributed to accredited investors in Ontario, and exempt investors across Canada, through Yorkville Asset Management, a discretionary wealth management practice located in Toronto, ON.