Genesis HealthCare
 |
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| Public | |
| Traded as | : GEN |
| Industry | Health care |
| Headquarters | Kennett Square, Pennsylvania, U.S. |
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Key people
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George V. Hager, Jr. (CEO) |
| Revenue | $5.7 Billion USD (2016) |
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Number of employees
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80,000 |
| Website | www |
Genesis HealthCare is a provider of short-term post-acute, rehabilitation, skilled nursing and long-term care services. As of January 2017, Genesis operates approximately 500 skilled nursing centers and assisted/senior living residences in 34 states across the United States. Genesis also supplies rehabilitation therapy to approximately 1,700 healthcare providers in 45 states and the District of Columbia. Genesis has approximately 80,000 employees. Genesis HealthCare is headquartered in Kennett Square, Pennsylvania.
Genesis Health Ventures was established by Michael R. Walker in 1985 with acquisition of nine centers. Between 1985 and 1998, Walker grew Genesis Health Ventures from a $32 million to a $2.4 billion public company through the acquisition of nursing homes and services such as rehabilitation therapy, diagnostic testing, respiratory therapy, and pharmacy.
In 1999, the federal government made drastic, unanticipated cuts to Medicare, which at that time funded virtually all the care for individuals admitted to Genesis Centers from hospitals. Genesis Health Ventures sought Chapter 11 protection in 2000. In 2001, the company reorganized and reemerged from bankruptcy.
In 2003, Genesis Health Ventures separated the company's in-patient care and pharmacy divisions. As part of the separation, Genesis Health Ventures adopted the NeighborCare pharmacy division's trade name, and spun off the company's Genesis ElderCare Skilled Nursing Centers and Assisted Living and Independent Living Communities, as well as Genesis Rehabilitation Therapy Services, into a new entity – Genesis HealthCare Corporation.
On July 13, 2007, Formation Capital and JER Partners completed the acquisition of Genesis HealthCare Corporation. The total enterprise value of the transaction was approximately $2.0 billion. Genesis' shareholders received $69.35 in cash for each share of Genesis' common stock that they held.
On April 1, 2011, Health Care REIT, Inc. (NYSE:HCN) completed the $2.4 billion acquisition of substantially all of the real estate assets of privately owned Genesis HealthCare, which was previously announced on February 28, 2011. In June 2012, Genesis HealthCare announced its plans to acquire Sun Healthcare Group.
On December 1, 2012 Genesis completed the acquisition of Sun Healthcare Group, Inc. (Sun) (NASDAQ GS: SUNH). Sun Healthcare was formally headquartered out of Irvine, California. It operated skilled nursing facilities, assisted and independent living centers, and behavior health centers in 23 states. Sun also owned SunDance Rehabilitation, CareerStaff Unlimited and SolAmor Hospice. Genesis acquired Sun for $8.50 per share. The aggregate amount of the merger was approximately $215, excluding closing costs and the repayment of Sun debts.
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