Pacifica Companies in Escrow to Acquire Keiro Facilities

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Keiro Senior HealthCare, a not-for-profit organization dedicated to enhancing the quality of senior life through four care facilities and programs to help people stay healthy at home, and Pacifica Companies LLC, a private California based company that owns and operates senior residential facilities, announced Tuesday that they have entered into an agreement for the purchase of Keiro’s four care facilities – Keiro Nursing Home, South Bay Keiro Nursing Home, Keiro Intermediate Care Facility, and Keiro Retirement Home.

This announcement follows a process initiated by Keiro leadership during which a variety of options were explored to continue serving the changing needs of the Japanese American community.

“Securing the right buyer who understands and respects Keiro’s history and unique cultural approach was critical to moving forward in the process,” said Shawn Miyake, president and CEO of Keiro Senior HealthCare.

pacifica companies logo“We are committed to continuing these important services and appreciate Keiro’s outstanding work in support of the Japanese community for over a half century,” said Adam M. Bandel, Pacifica Companies’ managing director for seniors housing. “We appreciate the opportunity to build on Keiro’s legacy and look forward to a smooth transition.”

At this time, Keiro and Pacifica have signed an asset purchase and sales agreement. The date of transfer of existing operations will occur following licensing and other regulatory approvals.

“While the decision to sell our facilities has been personally difficult for many, particularly for those of us who have been involved with the organization for many years, the board and leadership take seriously our responsibility to be wise stewards of our community resources and commitment to serve the evolving needs of our community.” said Gary Kawaguchi, chairman of the Keiro Senior HealthCare Board of Directors.

Keiro said it will continue to serve the community of seniors and caregivers throughout the transition and in the future through programs and services that support older adults to age with independence and dignity.

Last year, a proposed sale of the Keiro facilities to The Ensign Group was blocked by the California Attorney General’s Office.

Keiro also posted the following legal notice on its website:

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The Attorney General is reviewing the proposed sale of Keiro Nursing Home, a 300-bed licensed skilled nursing facility located at 2221 Lincoln Park Avenue, Los Angeles, California; South Bay Keiro Nursing Home, a 98-bed licensed skilled nursing facility located at 15115 South Vermont Avenue, Gardena, California; Keiro Intermediate Care Facility, a 90-bed licensed intermediate care facility located at 325 South Boyle Avenue, Los Angeles, California; and Keiro Retirement Home, an independent living facility with 127 living units located at 325 South Boyle Avenue, Los Angeles, California.

The sellers of the real property and operating assets are Keiro Services (dba Keiro Senior HealthCare), Keiro Nursing Home and Japanese Home for the Aged, all California nonprofit public benefit corporations.

The buyers of the real property and operating assets are affiliates of Pacifica Companies LLC, a California limited liability company (“Pacifica”). Pacifica is a private company engaged in real estate investment and development. As of April 14, 2015, Pacifica and its affiliates owned and/or operated 51 senior residential facilities located in 14 states, 20 of which were in California.

As part of the transaction, Keiro Nursing Home, South Bay Keiro Nursing Home and Keiro Intermediate Care Facility are to be leased to, and operated by, subsidiaries of Aspen Skilled Healthcare, Inc., a California corporation (“Aspen”), and Keiro Retirement Home is to be leased to, and operated by, Northstar Senior Living, Inc., a Delaware corporation (“Northstar”).

Aspen is a private company that operates eight skilled nursing facilities, all of which are in California. Northstar is a private company that operates and manages residential care facilities for the elderly on behalf of owners and investment groups. As of April 13, 2015, it managed 12 such facilities, nine of which were in California.

The transaction is being reviewed as required by California Corporations Code Section 5914 et seq. The terms of the proposed transaction are set forth in a written notice to the Attorney General. A copy of the written notice is available for public inspection in the administrative offices of Keiro Nursing Home, located at 2221 Lincoln Park Avenue, Los Angeles, California; Keiro Services, located at 325 South Boyle Avenue, Los Angeles, California 90033; and South Bay Keiro Nursing Home, located at 15115 South Vermont Avenue, Gardena, California.

In addition, if you would like to request a CD of the written notice for this proposed transaction, please contact Deputy Attorney General Wendi A. Horwitz at [email protected] or (213) 897-2178. Please include your name and address where you would like a CD of the written notice sent.

Persons may and are encouraged to present their views on the proposed transaction in writing to the California Attorney General’s Office electronically via email to [email protected], or by mailing a copy to Wendi A. Horwitz, Deputy Attorney General, 300 S. Spring St., Ste. 1702, Los Angeles, CA 90013. The deadline for receipt of written comments is June 26, 2015.

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