Integrated Health finishes acquisition of 3 facilities

December 15, 1993|By Patricia Meisol | Patricia Meisol,Staff Writer

Integrated Health Services Inc. said yesterday that it had completed its acquisition of three long-term-care facilities in Florida.

With the expansion, the Hunt Valley-based company will own 28 facilities and 3,448 beds in Florida. Overall, it owns or manages 106 nursing homes.

The three facilities in the latest acquisition -- in Orlando, Vero Beach and Fort Pierce -- are affiliates of Southmark Corp. of Dallas. They had combined 1992 revenue of $9.5 million.

Robert N. Elkins, chairman and chief executive officer of Integrated Health, said the purchase will help the company attain dominance in the key Florida market. Integrated moved into the market this fall with a $182 million acquisition of facilities owned by Central Park Lodges Inc.

The company's stock had risen $3, to $29 a share, since the acquisition. It closed yesterday at $28.625, down 62.5 cents, in trading on the New York Stock Exchange.

Also yesterday, Integrated Services announced that Dr. Elkins is making a personal investment in a company being formed to provide rehabilitation and long-term-care services in rural areas. He will have a seat on the board of the company, Community Care of America Inc., but will have no other official duties.

The company said its board of directors had reviewed the investment and decided there was no conflict of interest among Dr. Elkins, Integrated and CCA, which will operate in six Western or Midwestern states.

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