Carlyle to Buy Nursing Home Operator Manor Care

Carlyle Group, a District-based private equity firm, has reached an agreement to acquire nursing home operator Manor Care for $6.3 billion, the companies said in a statement today.

Manor Care runs more than 500 nursing homes and assisted living centers across the United States and employs more than 60,000 people. The company, which was founded in 1959 by Stewart Bainum Sr., has deep roots in the Washington region and for years was based in Montgomery County.

In 1998, Manor Care merged with rival Health Care and Retirement Corp. in a $2.9 billion stock swap, and moved its headquarters to Toledo, Ohio.

Stewart Bainum Jr., the founder's son, stepped down as chairman in 2002. He is chairman of Choice Hotels International, a Silver Spring hospitality firm that was a unit of Manor Care before being spun off as a separate company in 1996.

By Mike Shepard  |  July 2, 2007; 11:34 AM ET  | Category:  Finance
Previous: Carlyle In Talks To Buy Virgin Media | Next: Rockville Forensic Accounting Firm Agrees To Sale

Comments

Please email us to report offensive comments.



Now that everyone is "conned" into buying "long term care insurance" at a big price, the Insurance Companies that are touting these long term policies are making money so fast that the sharks who want to take over big, money making companies are out for the kill. The "hell" with the long term care patients.

Posted by: Moe | July 2, 2007 2:49 PM

The comments to this entry are closed.

 
 
RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company