Charlene Manor Hathaway Manor
Value of the Chakalos Acquisition
Linda Manor Extended Care Facility
associated with now changed important as we organization’s
Bill Jones, Integrit
Healthcare President and CEO
“We were building the brand and creating the value around that brand—certainly, the bene fi t that fl owed to the real estate associated with it—but we weren't really in control of our own destiny.” When the Chakalos family—who built these facilities— decided they no longer wanted to own the properties, Integritus knew the value of acquiring them as the sole operator since their construction. Jones remembers this pinnacle moment for Integritus, recounting, “About two years ago, an opportunity presented itself for us to begin conversations with the landlord, and we ultimately reached an agreement in January of 2022. We were able to close on that transaction just before the end of the 2022 calendar year.” The licenses, as well as the buildings, are now part of the Integritus ownership structure, allowing the organization a more advantageous cost structure and the necessary degree of control to ensure success
and viability in the long run. This acquisition allows for important, strategic control of assets, provides a positive cash fl ow to the organization and aligns with our vision to meet the needs of the communities we are in. According to Jones, “The stakeholders of Integritus are in a stronger position as a result of this transaction than they were otherwise. The strategic value associated with these assets has now changed and is critically important as we relaunch on our organization’s tuned-up strategy.” After an enduring relationship with the Chakalos family, Jones had nothing but gratitude to express for Integritus Healthcare’s former business partner as we look to the future: “When you do business with someone for 30-plus years, you're grateful for the opportunities that came your way over the course of that time. We'll always be grateful to the family and supportive of them as they move forward from here.”
7
Because YOU are a part of
. | Integrit
Healthcare | Summer 2023 | Issue 44
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