Sage Offers $76.3 Million to Acquire Dearborn-Based Senior Living Community
Proposed Transaction Outlines Programs to Enhance Resident Experience and Employee Appreciation
HFV Operating Without Interruption, Maintaining the Health, Safety and Lifestyle of Residents
DEARBORN, Mich., May 6, 2021 /PRNewswire/ -- Henry Ford Village ("HFV," "the community") today announced that the auction held as a part of its court-supervised sale process has concluded with HFV OPCO, LLC, a newly-formed affiliate of Sage Healthcare Partners ("Sage") deemed as the highest or best offer. The transaction is subject to Bankruptcy Court approval, as well as regulatory approvals and customary closing conditions.
In accordance with the terms outlined in the asset purchase agreement presented during the auction, Sage will acquire all of HFV's assets for $76.3 million, integrating Henry Ford Village into its expansive network of senior living communities. Additionally, Sage plans to increase programmatic activities for residents and employees while investing in the improvement of HFV's campus. Sage has also pledged to uphold HFV's current commitments to maintain the health, safety and lifestyle of its residents.
"HFV's leadership team and advisors are pleased with the results of the auction. We're confident that Sage, as the winning bidder, considers the long-term best interests of our residents, employees, and all the wonderful people that make HFV a true community," said Chad Shandler, Henry Ford Village's Chief Restructuring Officer and a Senior Managing Director at FTI Consulting. "Throughout the sale process, our guiding focus was to identify a path forward that upheld HFV's values and stabilized its financial position while allowing us to maintain the care and lifestyle our residents have come to know, love and rely on. Under Sage's ownership, we believe HFV will achieve just that while providing a distribution to unsecured creditors."
"The community at Henry Ford Village is vibrant, and Sage takes great pride in bearing the responsibility of preserving this community for years to come," said Avi Satt, President of Sage Healthcare Partners. "We're excited to bring a new chapter to the community's story and look forward to strengthening HFV financially while enhancing the lifestyle residents have come to love. HFV is more than an exciting addition to Sage's reputable portfolio, it is an opportunity to carry on the legacy of a long-standing and wonderful community."
Objections to the sale are due May 21, 2021. The transaction with Sage will be heard at a hearing with the U.S. Bankruptcy Court currently scheduled for May 24, 2021.
All relevant sale-related court filings, as well as additional information about Henry Ford Village's Chapter 11 case are available at http://www.kccllc.net/HFV or by calling (866) 476-0898 for U.S./Canadian calls or (781) 575-2114 for international calls.
Henry Ford Village is represented in this matter by Sheryl Toby of Dykema Gossett PLLC. FTI Consulting is serving as Chief Restructuring Officer (CRO) and restructuring advisor.
About Henry Ford Village
Henry Ford Village is a Senior Living Community in Dearborn, MI, that encourages making the most out of every life opportunity. Henry Ford Village offers three levels of care for those 62 and older including independent living options, rehabilitation services, and assisted living. Henry Ford Village sits on 35 acres of land, which is home to over one hundred clubs and activities, and top-of-the-line residential care facilities for its residents to engage in and rely on. For more information, visit www.henryfordvillage.com.
About Sage Healthcare Partners
Sage is a premier operator of senior housing and healthcare facilities. It was founded on the principles of providing high-quality resident-focused care, with genuine diligence and dedication, and to create a work environment of equal caliber. Sage owns, operates, manages and consults across the full continuum of care in the senior housing and healthcare space, specializing in independent living, as well as continuing care retirement communities, assisted living, skilled nursing and memory care.
SOURCE Henry Ford Village