Trilogy Health Acquired For $1.1B
A senior care facility operator with a big presence in Indiana has been sold. Louisville-based Trilogy Health Services LLC, which manages around six dozen locations in Indiana, is part of a more than $1.1 billion deal.
The acquisition involves California-based Griffin-American Healthcare REIT III Inc. and NorthStar Healthcare Income Inc. of Colorado. Griffin-American, the majority owner, will serve as manager of the venture and control 70 percent of it, while NHI will have a 30 percent stake.
A management group led by Trilogy founder and Chief Executive Officer Randy Buford will stay invested in the company to the tune of $24 million. Bufford called it a "new chapter" and said "we have known the principals at Griffin-American and NHI for quite some time and have a great deal of respect for their vision and business acumen. We look forward to the financial and strategic support this new relationship will bring to our company as we continue our journey towards our goal of being the ‘Best Healthcare Company in the Midwest.’"
The deal doubles the size of Griffin-American. In all, Trilogy has nearly 100 properties throughout Indiana, Michigan, Ohio and Kentucky and employs over 13,500 associates.
In a separate transaction last year, parent firm Griffin Capital Corp. announced Griffin-American Healthcare REIT II and NorthStar Realty Finance Corp. (NYSE: NRF) completed a $4 billion merger.