255 Facilities Changed Hands in One Month: The Deal Frenzy
That's not a typo. 255 facilities switched operators in one month. That's 8+ facilities changing hands EVERY DAY.
The Numbers
Let that sink in. In 30 days:
255 facilities changed ownership
Roughly 8.5 deals per day (including weekends)
Thousands of employees got new bosses
Tens of thousands of residents got new operators
This isn't normal. This is what market consolidation looks like when it goes into overdrive.
The Big Stories
1. Carady Health's Texas Shopping Spree 🛒
Carady Health just grabbed 21+ facilities across Texas - Houston, Fort Worth, Austin, San Antonio.
Someone's got serious expansion plans and deep pockets.
The question: Are they betting big on Texas before the September PDPM shakeup, or do they know something about how the new payment system will work that the rest of us don't?
Either way, buying 21 facilities in one state at once isn't diversification - it's going all-in on Texas.
2. The Great California Exodus Continues 🏃
Savant Senior Living dumped 5 facilities in the LA/Riverside area to Betenu Health.
Congrats to Ezra Birkovich! Welcome to California, where the regulations are made up and the Medicaid rates don't matter.
But seriously - when you see "California" and "selling" in the same sentence, the real question is: Why is someone buying in California? Either Ezra got an incredible deal, or he's got a plan the rest of us can't see.
3. Lionstone Care "Conquers" Ohio 🏴☠️
This is the story nobody's talking about. Lionstone Care just bought 17+ facilities across Ohio from Healthcare Management Group and Divine Healthcare Management.
That's not expansion - that's a takeover of an entire state.
Abba Stein - mazal tov on the massive expansion!
Ohio's got some interesting dynamics right now (17% Medicaid rate increase, provider tax advantages), so this could be brilliant timing or a spectacular miscalculation. We'll know in 12 months.
4. Twin Pines Healthcare - North Carolina
David Karfunkel's new venture picking up 4 homes in North Carolina. Not a huge move, but worth watching.
5. Government Takeovers Happening
Multiple facilities flipping to "Government" operation across several states.
Translation: The state stepped in because things got bad. When the government takes over your nursing home, it's never good news for the previous operator.
But for buyers? Government-run facilities eventually get sold, usually at distressed prices. Smart operators are watching these closely.
6. Max Kenigsberg Gets His First Facility
Snagged one in Tennessee. Welcome to ownership, Max!
May your survey be 5-star and your Medicaid census stay below 60%.
What This Means
Market consolidation is accelerating. The gap between big operators and small operators is widening.
Look at the numbers:
A few operators buying 15-20 facilities at once
Dozens of operators selling 1-2 facilities
Very few mid-sized deals
This is classic industry maturation. The big get bigger, the small get out, and the middle disappears.
The Questions Nobody's Asking
Where's all this money coming from? Private equity? Family offices? Banks loosening up?
Who's financing these mega-deals? 21 facilities at once isn't a bank loan - that's serious capital.
What do the buyers know that the sellers don't? Or are sellers just tired and cashing out?
How many of these deals will close? Announcements are easy. Closings are hard.
The Prediction
We're going to see a wave of "announced deals" that never actually close in the next 6 months. Due diligence will kill half of these, financing will kill another quarter, and regulatory issues will kill the rest.
But the deals that DO close? Those will reshape entire state markets.
Bottom line: If you're not buying or selling right now, you're in the middle - and the middle is a dangerous place to be in a consolidating industry.
