FOOTHILL RANCH, Calif., Oct. 24, 2011 /PRNewswire/ -- Skilled Healthcare Group, Inc. (NYSE: SKH) today announced the acquisition of Cornerstone Hospice, a leading hospice company serving the Phoenix, Arizona and Riverside, California markets. Cornerstone Hospice's two agencies, which are located in Phoenix and in Colton, California, generally serve areas of their metropolitan markets that are not served by the Company's existing hospice businesses. The Company expects the acquisition to be slightly accretive in 2011.
"The Cornerstone Hospice acquisition significantly extends the coverage of our hospice businesses in the Phoenix market, and also expands our hospice capabilities into the Inland Empire region in Southern California," said Boyd Hendrickson, Chairman and CEO of Skilled Healthcare Group. "The Cornerstone Hospice agencies have established themselves as premier hospice providers in their respective markets. We are grateful that existing leadership will be staying on to continue to manage and grow the Cornerstone Hospice agencies, and are excited to welcome the entire Cornerstone Hospice team into the Skilled Healthcare family."
About Skilled Healthcare Group, Inc.
Skilled Healthcare Group, Inc., based in Foothill Ranch, California, is a holding company with subsidiary healthcare services companies, which in the aggregate had trailing twelve month revenue of approximately $868 million and approximately 14,600 employees as of June 30, 2011. Skilled Healthcare Group and its wholly-owned companies, collectively referred to as the "Company," operate long-term care facilities and provide a wide range of post-acute care services, with a strategic emphasis on sub-acute specialty health care. The Company operates long-term care facilities in California, Iowa, Kansas, Missouri, Nebraska, Nevada, New Mexico and Texas, including 74 skilled nursing facilities that offer sub-acute care and rehabilitative and specialty health skilled nursing care, and 23 assisted living facilities that provide room and board and social services. In addition, the Company provides physical, occupational and speech therapy in Company-operated facilities and unaffiliated facilities. Furthermore, the Company provides hospice and home health care in Arizona, California, Idaho, Nevada, Montana and New Mexico. The Company leases 5 skilled nursing facilities in California to a third party operator. References made in this release to "Skilled Healthcare," "the Company," "we," "us" and "our" refer to Skilled Healthcare Group, Inc. and each of its wholly-owned companies. More information about Skilled Healthcare is available at www.skilledhealthcaregroup.com.Forward-Looking Statements Certain statements in this release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements in connection with or related to Skilled Healthcare's future operations or financial performance and any other statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, but are not limited to, statements regarding the anticipated timing of the transaction closing and the opportunities the transaction is expected to provide. These forward-looking statements are based on current expectations and projections about future events and are subject to uncertainty and changes in circumstance.