Golden Living Leases Out 22 Facilities To Diversicare

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FORT SMITH (KFSM) — Diversicare will be taking over operations at 22 Golden Living facilities in Alabama and Mississippi at the end of this year, the company announced on Monday (Aug. 15).

Golden Living entered into operation transfer agreements with Diversicare for 22 of their facilities, the release states. The portfolio is expected to be worth roughly $185 million in annual revenues.

Diversicare, which is based out of Tennessee, is expected to take over operations at the facilities in the fourth quarter of 2016. After the transaction they will be operating 76 facilities, which includes leasing 20 Golden Living facilities and assuming the leases of another two.

“We are delighted to have been selected by Golden Living to receive a significant portion of their portfolio, and to become a valuable strategic partner,” said Kelly Gill, Diversicare CEO. “Golden Living has performed admirably in these centers and we look forward to continuing to build upon their historical success.”

Golden Living, which is based out of Fort Smith, currently operates roughly 300 facilities across 21 states, according to their website.

There are no plans to close the Fort Smith facility, and the agreement with Diversicare should not affect Fort Smith personnel or create an economic impact, said Michelle Metzger, Golden Living director of communications. She said transitions like this are common in the business.

“We have 60,000 patients we serve a day,” Metzger said. “We’re going to need all hands on deck to do their jobs.”

 

2 comments

  • Bill Griggs

    So how many jobs will we lose in Fort Smith? I heard a rumor that may not be true about Golden Living phasing out several hundred jobs in Fort Smith over the next few months. That would be terrible news. Has anyone heard anything about hundreds of Golden Living jobs going away, something like 800? I should stress that my source was not particularly reliable. It was a third hand rumor that may have no truth to it at all. But seeing this article about so many of their nursing homes being leased out to be managed by another company makes me wonder if there might be some truth in that rumor.

  • loxufejup

    As a current employee here are the facts without speculation or rumors. Last week an all employee meeting was held where it was announced that Golden Living nursing homes would be transferred to new operators. The Golden Living brand was not being sold, but we would no longer be a healthcare company. Golden Living will retain the property of the locations after they are transitioned, making Golden Living a real estate company. Currently 2/3 of the 300 plus facilities have verbal agreements with new owners which be finalized over the coming months. Missouri and Tennessee facilities are also due to be transitioned by Sept 1.

    The separate business lines under Golden Living are seeking new ownership and will be sold off separately. This includes Aegis Therapies, Asera Care Hospice, and 360 Staffing. A reduction of staff at the Fort Smith office is expected and eventually potential closure, but no timeline was given. We were only reassured that this process would take a considerable amount of time.

    Employees are scheduled to have individual meetings with their management this week to discuss their severance options if any. As each position is “eliminated” employees will receive a 60 day notice prior to their termination. Some upper executives and many vice presidents have already left the company including the president of Golden Living Julianne Williams. Currently there are 800-900 employees at the Fort Smith office.

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