The venture, formed with IRA Capital and a global institutional investor, gives the Canada Pension Plan Investment Board a 47.5% ownership stake and is expected to have an acquisition capacity of approximately $850 million dollars.
The company is building a nationally branded, multispecialty pediatric practice model, with clinics co-located alongside urgent care centers and staffed by both pediatricians and specialists. The raise brings the company’s total capital to $150 million.
Genesis, one of the nation’s largest nursing home and rehabilitation chains, selected 101 West State Street LLC in a five-round auction. The auction marked Genesis’ second attempt to sell its assets since filing for Chapter 11 bankruptcy in July. The healthcare operator said it will begin working with 101 West State Street as the deal awaits court approval.
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