David Gamzeh and Akiva Glatzer cancelled the acquisition of Five Vermont Nursing Homes from Genesis Healthcare, Inc..
December 27, 2021
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David Gamzeh, Akiva Glatzer and Akiko Ike agreed to acquire Five Vermont Nursing Homes from Genesis Healthcare, Inc. (NYSE:GEN) for $46.4 million on August 21, 2020. The new buyers would take over temporary management of the facilities on October 1, 2020. The Vermont facilities will be renamed as part of the sale. The Bennington facility will become Southern Vermont Nursing and Rehabilitation; Burlington will be renamed Queen City Nursing and Rehabilitation; the St. Johnsbury facility will be called North East Vermont Nursing and Rehabilitation; the others will be called Berlin Meadows Nursing and Rehabilitation and Springfield Rivers Nursing and Rehabilitation. The deal is subject to regulatory approval from the Agency of Human Services. The five facilities generated annual revenues of $47.4 million and pre-tax loss of $2.7 million. On October 30, 2020, David Gamzeh, Akiva Glatzer and Akiko Ike took over the real estate and management of the facilities. Proceeds were used to retire $ 8.1 million of HUD insured loans and $14.3 million of MidCap Real Estate Loans.
David Gamzeh and Akiva Glatzer cancelled the acquisition of Five Vermont Nursing Homes from Genesis Healthcare, Inc. (NYSE:GEN) on December 28, 2021. On December 2, 2021, Gamzeh and Glatzer had dropped Ike's name from the application and told officials at the December 2, 2021 hearing that neither she nor Lahasky would have any control over the operations. David Gamzeh and Akiva Glatzer withdrew the bid to acquire nursing homes.
Genesis Healthcare, Inc. is a holding company. The Company provides services to skilled nursing facilities and assisted/senior living communities. It also specializes in contract rehabilitation therapy, respiratory therapy, physician services, staffing services, and accountable care. It provides approximately 250 skilled nursing centers and senior living communities in 22 states nationwide. Its subsidiaries also supply rehabilitation therapy to approximately 1,400 locations in 43 states and the District of Columbia. It offers a range of services, which include rehabilitation therapy, memory support, long-term care, and assisted/senior living. Its rehabilitation therapy includes transitional care, short stay care, ventilator rehabilitation, dialysis, cardiac management, and pulmonary management. Its long-term care service provides 24-hour skilled nursing services for elderly residents and people with a chronic condition or a prolonged illness. It also offers hospice care services.
GENESIS HEALTHCARE, INC. 
