Welcome the New Guys: 13 SNF Operators Launch This Month
Thirteen new operators popped up this month. Some legit, some probably just shell companies from the usual suspects.
The Real Players
David Karfunkel - Twin Pines Healthcare
David left The Grand after something like 15 years and launched Twin Pines Healthcare. Picked up 4 North Carolina facilities from Hill Valley right out the gate.
Interesting detail: Hill Valley has been buying everything in sight for years. Either David made them an offer they couldn't refuse, or Hill Valley needed cash quick, or maybe it's some kind of partnership arrangement.
Somebody please ask Steve Schwartz or Shimmy Idels at the 5 Towns kiddush and report back.
Avrohom Kolodny - First Tennessee Facility
Avrohom grabbed his first facility in Tennessee. Welcome to ownership, Avrohom. May your Medicaid rate be ever in your favor.
Hershy Bernarth - Wisconsin Expansion
Hershy snagged 3 properties in Wisconsin. Smart move - Wisconsin's got some interesting dynamics right now with counties dumping their public facilities.
The Shell Company Shuffle
The rest? Probably the usual guys spinning up new LLCs and shuffling entities around. Nothing wrong with that - I used to do this back in the day. Owners have all sorts of reasons:
Liability protection - Keep each facility in its own entity
Partner arrangements - Different partners for different deals
Estate planning - Easier to pass down individual entities to kids
Sale prep - Easier to sell one clean entity than carve it out of a portfolio
The Elephant in the Room
Side note: Would love to see some diversity in this boys club. Where are all the female operators? Where are the Asian entrepreneurs? Where are literally any new faces that don't come from the same three neighborhoods in Brooklyn and Lakewood?
This industry could use some fresh perspectives beyond the usual suspects at the same shuls making the same deals over the same cholent on Shabbos.
Why New Operators Matter
Every new operator represents either:
Fresh capital entering the market (good for sellers)
Experienced operators going independent (usually good operators)
Next generation taking over family businesses (mixed bag)
Private equity setting up new platforms (run away)
The Question
Which type are these 13 new players? Time will tell. We'll be watching to see who's still operating in 12 months and who quietly disappeared after one facility turned into a disaster.
Bottom line: New blood is good for the industry. Even if half of them fail, the other half might figure out something the rest of us missed.
