PSL and Doylestown Hospital sign Asset Purchase Agreement
Today Doylestown Hospital and Presbyterian Senior Living (PSL) announced an agreement for the transfer of ownership of Pine Run Life Plan Community (“Pine Run LPC”), a 532 unit/bed, five-star-rated Life Plan Community in Bucks County, PA.
After an extensive evaluation period and careful consideration by both parties, Doylestown Hospital and PSL have executed an Asset Purchase Agreement (APA) for Pine Run LPC. Closing is expected in the third quarter of 2023.
Doylestown Hospital will continue to work jointly with PSL to offer high-quality medical services to the Pine Run Villagers and residents. As part of the Pine Run purchase agreement, Presbyterian Senior Living will honor the contracts of current Villagers and residents.
In March 2023, Doylestown Hospital and Presbyterian Senior Living (PSL) entered into a nonbinding Letter of Intent in consideration of the acquisition of Pine Run LPC. Following receipt of regulatory approvals and other customary closing conditions, PSL will assume full ownership of Pine Run LPC, including Pine Run Lakeview Personal Care. PSL intends to continue operating Pine Run LPC as a Life Plan Community under a new name, Pine Run Village.
Dan Davis, President and CEO of Presbyterian Senior Living said “Presbyterian Senior Living is grateful to all the people that have worked diligently to get us to this next step. We are confident that the efforts of both organizations are leading us forward to continue the tradition of excellence at Pine Run and we look forward to the next few months as we finalize the necessary details to bring Pine Run into the PSL family.”
According to Jim Brexler, President and CEO of Doylestown Health, “During this process of due diligence, we were pleased that our early impressions of PSL were validated. PSL is a non-profit, mission-driven organization with a long history and deep commitment to the health and vitality of seniors. We are looking forward to a positive working relationship with PSL in providing medical services and maintaining our strong connection to Pine Run.”
About Doylestown Hospital
Doylestown Hospital is part of a comprehensive healthcare system of inpatient, outpatient and wellness education services connected to meet the health needs of all members of the local and regional community. The flagship to Doylestown Health, Doylestown Hospital has 247 beds and a Medical Staff of more than 435 physicians in over 50 specialties. Renowned locally, regionally, and nationally, Doylestown Hospital provides superior healthcare, offering advanced surgical procedures, innovative medical treatments, and comprehensive specialty services. . Doylestown Hospital is consistently ranked one of the best hospitals by U.S. News & World Report: eighth in the Pennsylvania and 122 in the United States is the only hospital in Pennsylvania and one of only 102 hospitals nationwide to achieve thirteen consecutive ‘A’ grades from Leapfrog — placing it in the top three percent of all hospitals.
About Pine Run
Pine Run Retirement Community in Doylestown, Pennsylvania is one of Bucks County’s leading senior living and senior care providers, with 272 independent living cottages and 24 apartments situated on a beautiful 43-acre private campus. The campus is home to Pine Run Health Center, which offers rehabilitation services and 90 skilled nursing beds; The Garden, a 40-bed, secure memory care neighborhood on the top floor of the Health Center; and The Willows, an intimate setting for palliative services. Pine Run Lakeview is a 106-bed personal care residence owned and operated by Pine Run Retirement Community and located on Lower State Road in Doylestown. The Pine Run Health Center has a five-star rating, the highest possible, from the Centers for Medicare & Medicaid Services (CMS) and has been named among the “Best Nursing Homes” in the country consistently since 2020 by U.S. News & World Report. This is a designation achieved by an elite 13% of Short and Long-Term Care residences across the country.
About Presbyterian Senior Living
Presbyterian Senior Living is a not-for-profit organization, fulfilling its charitable purpose and mission by providing high quality retirement choices, healthcare services and affordable residential living options for people 55 and older for more than 95 years. Headquartered in Dillsburg, Pennsylvania, Presbyterian Senior Living provides services to approximately 6,000 seniors in 30 locations in the mid-Atlantic region of Pennsylvania, Maryland, Ohio and Delaware.
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