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The Ensign Group Acquires Washington Skilled Nursing Facility

Stocks in this article: ENSG

MISSION VIEJO, Calif., July 3, 2013 (GLOBE NEWSWIRE) -- The Ensign Group, Inc. (Nasdaq:ENSG), the parent company of the Ensign™ group of skilled nursing, rehabilitative care services, home health care, hospice care, assisted living and urgent care companies, announced today that it acquired Mountain View Rehabilitation and Care Center, an 82-bed skilled nursing facility in Marysville, Washington. The asset acquisition closed on Friday, June 28, 2013 and the transfer of operations was effective Monday, July 1, 2013.

"This strategic acquisition, together with our recent acquisitions in Redmond, Washington, further extends our growing footprint in the Seattle area's vibrant healthcare community," said Christopher Christensen, Ensign's President and Chief Executive Officer. He added that the combination of these facilities with Ensign's existing skilled nursing, assisted living, urgent care and home health and hospice operations in Seattle further enhances Ensign's operating synergies in the state of Washington.

"We admire the great work done by the former owners, and look forward to working together with the outstanding team of caregivers they assembled as we strive to deliver top-notch care to this community," said Owen Hammond, President of Pennant Healthcare, Inc., a subsidiary of which will operate Mountain View. He added that the community response to Ensign's acquisition of the facility has been overwhelmingly positive and that he expects the facility, which had an occupancy rate of approximately 88% at acquisition, to be mildly accretive to earnings in 2013.

The purchase was made with cash and brings Ensign's growing portfolio to 119 healthcare facilities, 96 of which are Ensign-owned, seven hospice companies and nine home health businesses across 11 states. Ensign affiliates hold purchase options on two of its 23 leased facilities. Mr. Christensen reaffirmed that Ensign is actively seeking additional opportunities to acquire both well-performing and struggling skilled nursing, assisted living and other healthcare related businesses across the United States.

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