Blueprint’s client took over the operations of the struggling nursing home in 2013. A sound repositioning strategy and limited area competition set the stage for a significant turnaround. The operator’s business plan was executed, and Blueprint was engaged exclusively by the seller to conduct a targeted marketing campaign.
At the time of sale, Gardner was 94% occupied with a 26% quality payor mix and generated revenues of approximately $11 million. Blueprint attractively positioned the offering as a near-stabilized facility with remaining upside in a rate boost driven by a planned renovation project. Through consistent market communication Blueprint was able to procure multiple qualified offers for the asset. Ultimately, Blueprint and its client selected a highly-experienced and well-regarded regional operator eager to acquire the facility. Blueprint collaborated with its client extensively throughout the process to ensure a successful closing.
The purchase price was $12,750,000, or $102,823 per bed.
Steve Thomes was the lead advisor on the transaction.