Senior Health & Housing Services Division of Catholic Health Partners divested Laurel Lake Retirement Community, Inc.
Ponder & Co. is pleased to announce that the Senior Health & Housing Services Division of Catholic Health Partners (“CHP”) divested Laurel Lake Retirement Community, Inc. (“Laurel Lake”) in Hudson, Ohio, to the Board of Directors of Laurel Lake and the Laurel Lake Retirement Community Foundation, Inc., through a membership substitution agreement. Laurel Lake joined CHP in 1997, and will now become an independent continuing care retirement center (“CCRC”).
Catholic Health Partners
CHP is the largest health system in Ohio and one of the largest health systems in the United States, employing more than 33,000 associates in Ohio and Kentucky. With $5.6 billion in assets, CHP operates more than 250 health facilities, including 24 hospitals, 11 senior living communities, five hospice programs, eight home health agencies, and a health insurance plan.
Laurel Lake Retirement Community, Inc.
Laurel Lake is a not-for-profit corporation which owns the CCRC located in Hudson, Ohio. Hudson is approximately 16 miles north of Akron and 29 miles southeast of Cleveland. At 150 acres, Laurel Lake’s campus is one of the largest CCRC’s in the Northeast Ohio region. Laurel Lake has 291 independent living units, 59 assisted living units and 75 skilled nursing beds and offers a “life care,” entrance fee model.
Ponder’s M&A Group advised CHP on the divestiture, managed the controlled auction process and negotiated the terms and conditions of the transaction.
Ponder & Co.
Ponder & Co. provides M&A and capital advisory services to more than 150 non-profit hospital and healthcare system clients. Ponder has completed more than 100 M&A engagements involving acute and specialty hospitals, senior health and housing facilities, long-term acute care facilities, ambulatory surgery centers and behavioral health facilities. Transactions have ranged from $4 million to $1.5 billion in value.
Ponder’s M&A services include:
- Strategic option assessments
- Partnerships and joint ventures
- Mergers, acquisitions and divestitures
- Business valuations and fairness opinions
- Board and special committee assignments
- Real estate transaction services