Genesis to Sell Majority of Subsidiary as ‘Opportunities for Rehabilitation in China Are Endless’
Kennett Square-based Genesis HealthCare is planning to sell a majority stake in its subsidiary in China for $30 million, writes John George for the Philadelphia Business Journal.
The operator of post-acute care facilities has signed a definitive agreement to sell 51 percent of GRS-HS to Riswein Health Industry Investment. The deal should close in the first quarter next year, pending approvals.
Riswein, which is also based in China, will lend GRS-HS $5 million while the deal is finalized to help fund operating expenses.
“We have made significant headway introducing rehabilitation to China,” Genesis CEO George Hager Jr. said, noting that he expects Riswein will help the company take GRS-HS “to the next level.”
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Genesis expanded to China three years ago, offering rehabilitation therapy services at 12 facilities across the country.
“The opportunities for rehabilitation in China are endless,” said Lucy Han, CEO of Riswein. “As the Chinese population is aging, there is tremendous demand for rehabilitation services.”
Genesis operates more than 450 skilled nursing facilities and assisted/senior living communities in 30 states in the U.S. Its subsidiaries supply rehabilitation and respiratory therapy to more than 1,600 healthcare providers nationwide and in China.
Read more about Genesis HealthCare in the Philadelphia Business Journal here.
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