The portfolio, a regional cluster of rural facilities, consisted of 270 total licensed beds. The assets were owned by a publicly-traded REIT and were operated by a Texas-based provider, this operator’s only facilities in the state. At the time of sale, the portfolio’s overall census had declined and two of the facilities were operating at deficits. In addition to the steady drop in performance, several distinct obstacles were encountered during the marketing and due diligence period. Blueprint nonetheless was able to procure multiple bidders who saw considerable value in the offering resulting in a hotly contest bidding environment.
Blueprint structured a deal with a Missouri-based owner/operator buyer that had a knack for operational turnarounds and a significant presence in the region. And, despite all the challenges, Blueprint effectively elicited a premium per-bed price and negotiated a speedy transaction closing for its client.
Ben Firestone, Michael Segal, and Josh Salzman teamed up to execute the transaction.