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CEO announces sale of ElderWood Senior Care

by Olivia
Fri, May 6th 2011 03:25 pm

Chur selects new private owner to carry on family legacy

Robert M. Chur, president and CEO of ElderWood Senior Care, a longtime, family-owned business based in Western New York with a facility on Grand Island, recently announced that ElderWood has signed an agreement to sell substantially all of the assets of ElderWood to Post Acute Partners of New York City.

The change of ownership is subject to approval by the Public Health and Health Planning Council and could take 18-24 months to complete.

ElderWood Senior Care's 18 facilities are located in Western and Central New York, employ more than 3,000 people and care for over 5,000 patients and residents every year. Two facilities, ElderWood at Heathwood in Williamsville and ElderWood at Penfield near Rochester are not presently included in the sale. The sale price for the privately held company was not disclosed.

Starting in 1978, Chur built ElderWood from one facility in Williamsville into today's thriving health care business.

"I started this business because my parents had a nursing home in East Aurora. ElderWood effectively is my life's professional work," Chur said. "I am confident that the ElderWood legacy of quality care, highly trained and top-performing employees and extremely satisfied residents and their families will continue in all forms with the new owners."

Company officials emphasized that for all ElderWood residents, families and employees, the transition will be seamless and business as usual. Chur said he has visited or will visit ElderWood's facilities to discuss the proposed change in ownership with employees, residents and families. It is anticipated that all staff and senior management will be retained by PAP.

Post Acute Partners is a New York-based owner-operator of post acute health care facilities. Most recently, PAP acquired a portfolio of five pediatric specialty hospitals for medically complex children in Pennsylvania.

"The opportunity to acquire ElderWood, given its excellent reputation for quality of care, well maintained facilities, and high-quality staff, furthers our mission to provide the best in care along the post acute continuum," said Warren Cole, co-founder of Post Acute Partners.

"I am extremely excited that ElderWood will become a foundation for our operations," said Dr. Jeffrey Rubin, co-founder of PAP and partner-in-charge of operations and quality of care. "A company that has already achieved this level and consistency of quality is a rare find. We are eager to begin our partnership with the staff of ElderWood and the health care community of Western and Central New York. We intend to continue Mr. Chur's legacy and to add our own proven innovations in operations and technology to enhance our residents' experience."

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