Genesis HealthCare is a provides short-term post-acute, rehabilitation, skilled nursing and long-term care services. According to data provided by the Centers for Medicare & Medicaid, as of November 1, 2023, Genesis owned or operated 290 skilled nursing facilities with 34,047 beds through 105 affiliates in 25 states in the United States. Genesis also supplies rehabilitation therapy to approximately 1,700 healthcare providers in 45 states and the District of Columbia. The company is headquartered in

Kennett Square, Pennsylvania Kennett Square is a borough in Chester County, Pennsylvania, United States. As of the 2020 U.S. census, Kennett Square had a population of 5,943. Kennett Square is located in the Delaware Valley and considered a suburb of both Philadelphia, t ...

History

20th century

Genesis Health Ventures was founded by Michael R. Walker and Richard R. Howard in 1985, with the acquisition of nine centers. Between 1985 and 1998, Genesis Health Ventures grew from a $32 million to a $2.4 billion public company through the acquisition of

nursing homes A nursing home is a facility for the residential care of older people, senior citizens, or disabled people. Nursing homes may also be referred to as care homes, skilled nursing facilities (SNF), or long-term care facilities. Often, these terms ...

and services, including rehabilitation therapy, diagnostic testing, respiratory therapy, and pharmacy companies.

21st century

Genesis Health Ventures filed for

Chapter 11 Chapter 11 of the United States Bankruptcy Code ( Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, w ...

bankruptcy the following year, in 2000. In 2001, the company reorganized and reemerged from bankruptcy. Walker stepped down as CEO in 2002, a role he held since 1985. In 2003, Genesis Health Ventures separated the company's in-patient care and pharmacy divisions. As part of the separation, Genesis Health Ventures adopted 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. NeighborCare, which traded on

NASDAQ The Nasdaq Stock Market (; National Association of Securities Dealers Automated Quotations) is an American stock exchange based in New York City. It is the most active stock trading venue in the U.S. by volume, and ranked second on the list ...

as NCRX, was acquired by Omnicare in 2005. On July 13, 2007, Formation Capital and JER Partners completed the acquisition of Genesis HealthCare Corporation. The total

enterprise value Enterprise value (EV), total enterprise value (TEV), or firm value (FV) is an economic measure reflecting the market value of a business (i.e. as distinct from market price). It is a sum of claims by all claimants: creditors (secured and unsecure ...

of the transaction was approximately $1.52 billion. Genesis' shareholders received $69.35 in cash for each share of Genesis' common stock that they held.

Mergers & acquisitions

On April 1, 2011, Health Care REIT, Inc., now Welltower, completed a $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 plans to acquire Sun Healthcare Group. On December 1, 2012, Genesis completed the acquisition of Sun Healthcare Group, Inc. (

GS: SUNH), which was headquartered in

Irvine, California Irvine () is a Planned community, planned city in central Orange County, California, United States, in the Los Angeles metropolitan area. It was named in 1888 for the landowner James Irvine. The Irvine Company started developing the area in the ...

and 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. In February 2015, Genesis Healthcare merged with California-based Skilled Healthcare Group, Inc. The combined company operated more than 400 skilled nursing and assisted and senior living communities in 34 states and more than 1,800 rehabilitation therapy sites in 47 states. The company changed its ticker from (NYSE: SKH) to (NYSE: GEN). In June 2015, Genesis HealthCare acquired 24 skilled nursing facilities from Revera. The company acquired ProMedica in 2023.

Locations

Genesis operates approximately 450 Skilled Nursing Facilities and Assisted/Senior Living Communities across the nation located in 30 states. Additionally, Genesis Rehab Services provide therapy to approximately 1,700 locations across 45 states.

References

External links

* {{DEFAULTSORT:Genesis Healthcare Health care companies based in Pennsylvania American companies established in 1985 Companies based in Chester County, Pennsylvania 1985 establishments in Pennsylvania Companies listed on the New York Stock Exchange 2007 mergers and acquisitions Medical outsourcing companies of the United States