Today Southbridge Health Care LP, together with the Southbridge Health Care Fund, expanded it’s presence in the Owen Sound region with the successful acquisition of the Maple View long-term care home. Maple View has a capacity of 29 residents. This acquisition brings the total number of long-term care homes owned by Southbridge Health Care LP to 8 with 594 beds in total. Southbridge Health Care LP is managed by Southbridge Health Care GP Inc., a wholly owned subsidiary of Southbridge Capital Inc.
Michael Petersen, President of Southbridge Capital Inc., said of the acquisition “The acquisition of Maple View, although small in terms of resident capacity was very strategic for the Fund. This acquisition, coupled, with the homes already owned in the Owen Sound region gives us the flexibility to explore future enhancements to meet the evolving needs of the seniors of the region.”
Southbridge Health Care LP has a ninth acquisition that is presently under negotiation and is expected to close in October 2013 which will bring an additional 104 long-term care residents into the Southbridge Health Care LP community.
Units in the Southbridge Health Care Fund are distributed to accredited investors across Canada through Yorkville Asset Management, a discretionary wealth management practice located in Toronto, ON.
On the latest acquisition, Ralph Desando, head of Private Investments at Yorkville Asset Management, said “We congratulate Southbridge Health Care LP on this strategic acquisition and continue to be excited about our association with the Southbridge Health Care Fund. The Fund’s management team continues to provide our investors with world class leadership and strategic thinking. With approximately $12 million of equity raised since November 2012, the Fund continues to be extremely well received by investors. We see the Fund as filling a critical need in the health care infrastructure in Ontario and providing a platform for stable, long-term investment yields for our investors.”