Elderwood completes two North Country acquisitionsApril 10, 2018
By Tracey Drury Reporter, Buffalo Business First
Elderwood parent Post Acute Partners LLC has completed the acquisitions of two North Country senior care facilities.
The deals, finalized April 10, adds a 23-bed adult home and an 84-bed residential health care facility in Ticonderoga, helping to grow the company’s network across New York.
First reported by Buffalo Business First in May of 2016, Elderwood acquired Heritage Commons Residential Health Care and Moses Ludington Adult Home from Inter-Lakes Health, part of the University of Vermont (UVM) Health Network and Elizabethtown Community Hospital.
As it has done with other recent acquisitions, the company rebranded both facilities, creating Elderwood at Ticonderoga (formerly Heritage Commons) and Elderwood Village at Ticonderoga at the adult home.
The sales were part of a larger plan by the seller to convert the Ticonderoga campus into a medical village, with Inter-Lakes continuing to operate an emergency department, outpatient services and senior housing. Post Acute Partners paid just $50,000 to acquire the operating interests and property assets such as furniture and equipment, according to filings with the New York State Department of Health.
In a prepared media statement, company officials said the deal furthers the company’s goal of improving access to high-quality care in the Adirondack region.
“We’re committed to investing in the Ticonderoga community, and look forward to providing exceptional medical services and care to the residents and rehab patients,” said Jeffrey Rubin, co-CEO.
Both facilities will retain their administrators, who will continue to oversee operations under new leadership.
The transactions become the fourth and fifth to be completed this year for the growing Elderwood network, following three acquisitions that closed in the month of January. The company is also working to finalize details on its purchase of eight related businesses at the Weinberg Campus in Getzville.