In a remarkable finish to 2013, Southbridge Health Care LP, together with the Southbridge Health Care Fund, announce the successful acquisition of an additional two long-term care homes in the Ottawa region on December 31st, 2013. Marochel Manor in Ottawa (64 beds) and Pinecrest in Plantagenet (60 beds) mark the company’s 11th and 12th acquisitions in the last 13 months, a remarkable growth story.
“We are pleased to expand our presence in eastern Ontario and look forward to becoming involved in these two unique communities. Our goal is to make a positive difference in the lives of the residents in our care, their families, and our employees,” said Michael Petersen, President of Southbridge Capital Inc., with respect to the two homes now in its care.
These two acquisitions bring the total number of long-term care homes owned by Southbridge Health Care LP to 12 with capacity to care for 1,387 residents. Southbridge has contracts already underway to further increase resident capacity by over 700 in 2014. Southbridge Health Care LP is managed by Southbridge Health Care GP Inc., a wholly owned subsidiary of Southbridge Capital Inc.
Southbridge Health Care LP is enjoying rapid but carefully planned growth. Of the two new acquisitions, Petersen remarked, “2013 has been a tremendous year of growth for Southbridge. With this move into the Ottawa region, we have grown our presence into eastern Ontario with the vision of providing quality long-term care to Ontarians across the Province.”
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. Ralph Desando, Managing Director at Yorkville remarked, “These two acquisitions continue to highlight the strategic skillset brought by Southbridge’s management team, with the acquisitions projecting to provide for accretive growth to investors.”