NEWS RELEASE
Toronto, ON, November 13, 2012
“These homes are the inaugural acquisitions for Southbridge Health Care LP and mark the launch of the Southbridge Healthcare Fund in the long-term care sector. It is a very exciting milestone for us” indicated Michael Petersen, the President of Southbridge Health Care GP Inc. and Southbridge Capital Inc. and a representative of the Southbridge Health Care Fund.
Southbridge Health Care LP is set to acquire four more long-term care homes later this month. The four homes will have 199 residents in total. A seventh acquisition is already under contract and expected to close in February of 2013, pending Ministry of Health and Long-Term Care license transfer approval, which will add an additional 96 residents to the Southbridge Health Care LP community. An eighth acquisition is presently under negotiation and is expected to close in July 2013 which will bring an additional 104 residents into the Southbridge Health Care community.
Southbridge Health Care LP is a Canadian owned and operated partnership whose mission is to acquire long-term care homes in Ontario and, where appropriate, re-develop them under the Country Village Homes™ brand. Southbridge Health Care LP is guided by the belief that long-term care residents should remain connected to their communities while receiving individualized quality care in a residence that they can truly call their home.
To ensure that the level of care provided in all of Southbridge Health Care LP’s long-term care homes is of the highest standard, it has chosen Extendicare (Canada) Inc. – a recognized leader in quality and clinically-based services – to manage all aspects of the homes both before and after their re-development.
“Now that the required approvals from the Ministry of Health and Long-Term Care to transfer the licenses for the homes are beginning to be received and the acquisition process has begun, we can now turn our attention to assessing the acquired homes for re-development and, with Ministry approval, re-develop them to new standards under the Country Village Homes™ brand” says Keith McIntosh, President of the Healthcare Division of Southbridge Group LP.
“The development and launch of the Southbridge Health Care Fund has been key to ensuring the success of Southbridge Health Care LP’s strategy to acquire and re-develop long-term care homes” says Michael Petersen. “Southbridge Health Care Fund, together with Southbridge Capital Inc., brings together like minded investors who wish to gain access to investing in the long-term care sector in Ontario, a sector that has historically been a difficult one to gain access to due to the heavily regulated nature of the industry.”
For more information, please contact: Richard Franzke, Director of Marketing and Communications, Southbridge Group LP at 519-621-8886.
About Southbridge Health Care Fund
Southbridge Health Care Fund is an open ended mutual fund trust that seeks to acquire and re-develop long-term care homes in the Province of Ontario. For more information about the Southbridge Health Care Fund or to purchase units, please contact
Yorkville Asset Management Inc.
55 University Ave., Suite 704,
Toronto, Ontario, M5J 2H7
Tel: 647.776.7481
Fax: 647-776-7490
rdesando@yorkvilleasset.com
About Country Village Homes™
Country Village Homes™ is a trademark of Southbridge Group LP and is used under license for the long-term care homes being acquired, managed and redeveloped by Southbridge Health Care LP and its wholly owned subsidiaries.
About Southbridge Capital Inc.
Southbridge Capital Inc. is a Canadian owned asset manager focused on the development of investment opportunities in the Long-Term Care sector. It is the founder and promoter of the Southbridge Health Care Fund. For more information about Southbridge Capital Inc. visit www.southbridgecapitalinc.com
About Southbridge Group LP
Southbridge Group LP is responsible for researching and acquiring long-term care homes for Southbridge Health Care LP and for re-developing long-term care homes for it under the Country Village Homes™ brand. For more information about Southbridge Group LP visit www.southbridgecapitalinc.com
About Extendicare (Canada) Inc.
Extendicare (Canada) Inc. is a Canadian company that operates 86 long-term care and continuing care centres across Canada. The Extendicare Assist Division manages 26 homes on behalf of 16 partners. For more information visit www.extendicareassist.ca.
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