With Ontario’s Ministry of Health & Long Term Care’s (MOHLTC) approval, Southbridge Health Care LP and the Southbridge Health Care Fund have finalized the acquisition of Community Lifecare’s portfolio of existing long term care and retirement homes. This latest acquisition for Southbridge increases its capacity to care for an additional 725 residents. The six Community Lifecare homes will now operate under the Southbridge banner, Southbridge Care Homes, in Pickering, Port Perry, Port Hope, Warkworth, Alexandria & Cornwall.
“We’ve been working hard in order to ensure a smooth transition in each of these homes with no disruption to the residents’ care,” states Mike Petersen, President & CEO of Southbridge Capital Inc. “The Ministry’s approval is a testament to Southbridge’s quality of care and commitment to its residents and staff,” Petersen added. “With six homes, this marks our largest acquisition of senior housing to date, and should yield accretive growth for the Southbridge Health Care Fund’s investors.”
Southbridge Facts & Figures at a Glance:
- Combination of 20 long-term care & retirement homes
- Capacity to care for over 2,100 residents
- Provides an essential service for Ontario’s aging population
Launched Southbridge Health Care LP and Southbridge Health Care Fund in November, 2012, providing investors unique access to Ontario’s health care market. With the acquisition of Community Lifecare, Southbridge now employs over 2,300 people in 17 cities across Ontario, providing quality care for 2,100 residents in a combination of long-term care homes and retirement facilities.