Extendicare Inc (TSX:EXE) News and Share PriceHealthcare
"Extendicare Inc, a publicly listed company (TSX: EXE), provides care facilities to senior citizens in Canada.
The company claims to have over 50 years of experience in providing cost-effective clinical care through its 111 owned homes and home health services.
The Canadian company’s partner divisions include:
- ParaMed’s Home Care Services and Workplace Health and Wellness programs
- Silver Group Purchasing
- Extendicare Assist Management and Consulting Services
Business partners Harold Livergant and John MacKay founded the company in 1968 to provide senior Canadian citizens with a quality lifestyle.
The services provider purchased its first healthcare facility in Ottawa in 1969. Since then, the company claims to have transformed into a market leader in providing long-term care and specialty homes for senior people in Canada.
Harold Livergant and John Mckay reportedly wanted to minimize the burden on hospitals by providing efficient long-term care facilities. The company was initially named Pendexcare, later renamed as Extendicare (Canada) Ltd. However, after multiple name changes, the company rebranded itself as Extendicare Inc in 2021.
In 1969, the company began construction of four facilities in Canada after buying an Ottawa-based nursing home.
In 1975, the company launched its largest home care service business in Canada under the name ParaMed. In 1976, the company began a series of acquisitions and purchased Medco Centers Inc in the United States. Medco Centers Inc operated as a nursing home service provider in 25 locations across Kentucky and Indiana.
Its second acquisition was Arbor Healthcare Company in 1997. Arbor Healthcare was a nursing home provider in the United States and owned a pharmacy business and outpatient rehabilitation clinics.
By 2001, the company claims to have received award licenses and permissions to build 11 private facilities and five public units through a public-private partnership in Ontario. The move aimed at increasing the number of hospital beds in the province.
Extendicare kept increasing the asset base with several acquisitions in the 2000s, including Assisted Living Concepts Inc in 2005 and Tendercare (Michigan) Inc in October 2007. With these acquisitions, the company’s portfolio of senior care facilities increased by more than 30 units and 3300 beds.
The company sold its United States Group Purchasing Organization in 2012 and focused on health care businesses in Canada.
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