SPARTANBURG, S.C. — Blueprint Healthcare Real Estate Advisors has arranged the entity-level sale of White Oak Management, an operator with a portfolio of 15 skilled nursing facilities totaling more than 2,000 beds in North Carolina and South Carolina.
Led by the Cecil Family, Spartanburg-based White Oak was originally founded in 1964 and has since expanded across the Carolinas. In addition to its 15 facilities, White Oak also owned and operated an ancillary pharmacy company dedicated to servicing the portfolio. The facilities enjoyed a demonstrated track record of strong profitability, with pre-pandemic occupancy hovering around 90 percent, according to Blueprint.
In 2021, White Oak’s leadership recognized that the company had reached an inflection point in its history. On one hand, favorable increases in Medicaid and Medicare reimbursement rates across the Carolinas had driven investor demand in their facilities to all-time highs. At the same time, increased regulatory complexity and scrutiny, compounded by increasing labor challenges, had rendered operating the business as challenging as ever post-pandemic.
To navigate its options, the White Oak team engaged Blueprint to consider a range of strategic alternatives, ultimately electing to divest the entire enterprise.
Following several rounds of bidding, an extensive buyer interview process, and thorough qualification of each group’s ability to capitalize on the transaction, the White Oak team ultimately selected National HealthCare Corporation (NHC), a publicly traded owner-operator headquartered out of Murfreesboro, Tennessee, to acquire the business. The price was not disclosed.
White Oak’s selection was predicated on NHC’s existing reputation in the region, combined with its express commitment to maintaining the White Oak brand, company culture and consistent quality of care.
Kory Buzin, Brooks Blackmon and Steve Thomes led the Blueprint team.