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Welltower, ProMedica Complete $4.4B Acquisition of Quality Care Properties, HCR ManorCare
Toledo, OH-based Welltower Inc. and ProMedica closed its previously announced $4.4-billion joint venture acquisition of Quality Care Properties, Inc. and its principal tenants, HCR ManorCare and Arden Courts, the nation’s second largest provider of post-acute services and long-term care.
Welltower’s Tom DeRosa says, “Together with ProMedica, one of the largest and most innovative health systems in the U.S., this acquisition of HCR ManorCare provides us the platform to think differently about where healthcare services are delivered, particularly with respect to the aging of the population.”
The deal is the “first of its kind partnership” between Welltower and a health system, and propels ProMedica into the top 15 largest U.S. nonprofit health systems. It scales its presence across a full spectrum of care, including wellness, skilled nursing, memory care, assisted living, hospice, home care and health plans. ProMedica plans to invest as much as $400 million of growth and upgrade capital over the next five years.
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- ◦Sale/Acquisition
