WILMINGTON — An upstart health care company that focuses on short-term and post hospital treatment for patients has turned its attention to Delaware, acquiring three facilities for $62.2 million split between northern and southern ends of the state.
ExcelCare Health Management, based out of Lakewood, N.J. finalized the deal in early October, which included Parkview Nursing and Rehabilitation in Wilmington, Churchman Village in Newark and Breakwater Village in Lewes. Both Churchman Village and Parkview Nursing were bought for $21 million each, while Breakwater Village was bought for $20.2 million, according to property records.
All three will be rebranded under the ExcelCare name: ExcelCare at Newark, ExcelCare at Wilmington and ExcelCare at Lewes.
“We are incredibly excited about coming into a new market. We met with many employees onsite including all management teams at these facilities. About 60 to 70% of the staff have tenures in the double digits and have that valuable experience we greatly value and truly admire,” ExcelCare Vice President of Strategic Development Nanci Vekios said.
Founded in late 2021 by veteran health care operator Eli Frankel, ExcelCare focuses on providing rehabilitation in state-of-the-art facilities with a management team that has extensive experience in hospital systems. When the company first launched, ExcelCare acquired facilities in New Jersey, including in Egg Harbor Township, Atlantic City, Dover and Wayne.
In a short period of time, the company was able to turn around operations and help boost patient outcomes with its 573 employees, representatives said.
“In New Jersey, there are numerous nursing homes, making the competition quite strong. However, one thing that sets us apart is our work culture, where the focus is on supporting one another,” she said. “We also take pride in taking great care of our patients and our families. Our team is excited to bring this approach to our Delaware operations.”
Through these facilities, ExcelCare treats patients between the ages of 30 and 80 years old, a prime market to enter as Delaware’s population is growing older and continues to drive the need for more health care, assisted living and physical rehabilitation options statewide.
Between the three purchased facilities, Excel Care acquired 43 independent living apartments and about 8% of the state’s Medicare-and Medicaid-certified skilled nursing beds coming in at 430 of those beds
Built in 1965, Parkview has a total of 150 licensed skilled nursing beds and offers rehabilitative care, long-term care, skilled nursing, a secure Alzheimer’s unit, memory care hospice and respite care.
Churchman Village was built in 1984 and has 101 licensed skilled nursing beds as well as rehabilitative care, long-term care, skilled nursing and respite care.
Breakwater Village was built in 1988 and has 179 licensed skilled nursing beds. It also offers rehabilitative care, long-term care, skilled nursing, a secure Alzheimer’s unit, memory care hospice and respite care.
In 2020, the three facilities were bought by investment firm Comprehensive Care Capital in 2020 for $67 million collectively.
