Extendicare Acquires Nine Long-Term Care Homes from Revera

/EIN News/ -- MARKHAM, Ontario, June 02, 2025 (GLOBE NEWSWIRE) -- Extendicare Inc. (“Extendicare”) (TSX: EXE.TO) announced today that, effective June 1, 2025, it has completed the previously announced transaction with Revera Inc. and certain of its affiliates to acquire nine “Class C” long-term care homes (the “Acquired Homes”) located in Ontario and Manitoba and one parcel of vacant land located in Ontario (the “Transaction”).

The consideration for the Transaction was approximately $60.3 million, comprised of $40.2 million in cash and the assumption of certain liabilities of $20.1 million, including government funding reimbursement obligations and committed capital maintenance project obligations, excluding transaction costs. The purchase price was funded from cash on hand.

The Acquired Homes are set out in the table below.

Name	Address	LTC Beds(1)	Retirement Beds
Blenheim Community Village	Blenheim, ON	57	30
Brierwood Gardens	Brantford, ON	67	71
Riverbend Place	Cambridge, ON	39	92
Summit Place	Owen Sound, ON	99	77
Telfer Place	Paris, ON	35	180
Village on the Ridge	Ridgetown, ON	30	65
Trillium Court	Kincardine, ON	34	59
Carlingview Manor(2)	Ottawa, ON	250	–
Poseidon	Winnipeg, MB	211	–
Total beds		822	574

⁽¹⁾   LTC beds excludes 133 third and fourth ward-style beds that have been taken out of service per regulatory requirements that are eligible to be reinstated upon redevelopment.

⁽²⁾   Carlingview Manor is in the process of being redeveloped into a new 320-bed LTC home that is owned by the joint venture between Extendicare and Axium.

About Extendicare

Extendicare is a leading provider of care and services for seniors across Canada, operating under the Extendicare, ParaMed, Extendicare Assist, and SGP Purchasing Network brands. We are committed to delivering quality care to meet the needs of a growing seniors’ population, inspired by our mission to provide people with the care they need, wherever they call home. We operate a network of 99 long-term care homes (59 owned, 40 under management contracts), deliver approximately 11.2 million hours of home health care services annually, and provide group purchasing services to third parties representing approximately 148,200 beds across Canada. Extendicare proudly employs approximately 26,500 qualified, highly trained and dedicated team members who are passionate about providing high-quality care and services to help people live better.

For further information, please contact:

Investor Inquiries:

David Bacon
Executive Vice President and Chief Financial Officer
Email: david.bacon@extendicare.com 
Phone: (905) 470-4000