Ontario-based Extendicare completed the sale of its U.S. portfolio to Formation Capital at the end of last week, according to a press release. The 141 senior care communities were originally sold to Formation in November 2014 for $870 million.
Formation Capital, based in Georgia, is a private investment management firm focused on seniors housing and care. With this sale, it is now the owner of one of the nation's largest skilled nursing portfolios.
"We are pleased to have completed this strategic transaction which will facilitate the repositioning of Extendicare as a pure-play Canadian senior care and services company," said Extendicare President and CEO Tim Lukenda in a press release.