UGHS Senior Living, Inc. (“UGHS Senior Living” or the “Company”), a subsidiary of University General Health System, Inc., has been acquired by Cornerstone Healthcare Group Holding, Inc. (“Cornerstone”).
Duff & Phelps served as exclusive sell side financial advisor to UGHS Senior Living in connection with the §363 sale transaction.
About UGHS Senior Living, Inc.
UGHS Senior Living consists of three communities in Texas and Tennessee. The faith-based, non-profit senior living company has 230 units (329 beds), comprised of assisted living, independent living and memory care units, managed by affiliate TrinityCare Senior Living. Although the Company was profitable, it filed for Chapter 11 protection in November 2015 to pursue a sale under § 363 of the bankruptcy code, which followed UGHS’s filing in February 2015. Porter Hedges LLP served as legal counsel to UGHS Senior Living.
About Cornerstone Healthcare Group Holding, Inc.
Cornerstone is a diversified healthcare company based in Dallas, Texas. It is actively involved in the long-term acute care and senior living segments, operating 19 long-term acute care hospitals in six states with 880 licensed beds and 2,000 employees. It is managed by Highland Capital Management L.P., an SEC-registered investment adviser with approximately $19 billion under management. Cornerstone acted as the stalking horse bidder in the transaction and was approved by the court as the buyer in January 2016.
