🠈 Genesis HealthCare 🠊
Genesis HealthCare offers a network of 500 centers that provide acute nursing care. Headquarters are in Kennett Square, Pennsylvania. The company trades on the NYSE with the symbol: GEN.
The company was established in 1985 by Michael R. Walker & Richard R. Howard with the acquisition of nine centers. It grew rapidly to a $2.4 billion public company through mergers and acquisitions, but stumbled with Medicare reform cut spending.
The following is a list of corporate activities that I come across in other research.
- 1985: The company was founded as Genesis Health Ventures.
- 1999: Medicare reduced its spending. Genesis which had grown to a $32 Billion company considered chapter 11 in following years.
- 2003: Genesis Health Ventures split into separate entities. The pharmacy section became NeighborCare Pharmacy which traded on NASDAQ as NCRX. The care facilities became Genesis HealthCare .
- 2007: Formation Capital and JER Partners acquired Genesis for about $2 billion.
- 2005: Omnicare (a pharmacy offering medicine in nursing facilities) acquired NeighborCare. The merger involved 42,897,600 shares valued at $34.75 (which would be $1.5 billion?)
- 2011: Genesis established a relation in which it sold its real estate to Health Care REIT, Inc. for $2.4 billion and entered a rental agreement.
- 2012 Genesis acquired Sun Healthcare Group, Inc. of Irvine, Ca for $215 million and repayment of debts.
- 2015: Genesis merged with Skilled Healthcare Group which traded on the NYSE with the symbol SKH. The company changed its symbol to GEN.
- 2015 Genesis acquired 24 skilled nursing facilities from Revera, Inc..
- 2016: Genesis sold its hospice and palliative facilities to Compassus for $84 M. (ref)
- Wikipedia - Genesis Health Care (Drawn 6/18/2018)
- Business Wires Omnicare completes acquisition (Drawn 6/19/2018)
- Phoenix Color - Senior Care: Genesis HealthCare
- Colorado Springs Color - Health: Genesis HealthCare
- Denver Color - Senior Housing: Genesis HealthCare
- Fort Collins Color - Health: Golden Peaks Center
- Grand Junction - Senior: Mesa Manor Center
- Pueblo Color - Health: Pueblo Center
- Ogden, Utah - Health: Washington Terrace Center
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