JOLIET – The Rosewood Care Center has a new owner.
Lincolnwood-based Cahill Group announced Monday that it has completed the $250 million acquisition of the Rosewood health care facilities.
The St. Louis-based Rosewood had operated 14 facilities in Illinois and Missouri, including a 120-bed skilled nursing facility at 3401 Hennepin Drive in Joliet. The facility opened in 1991 and employs 110 people.
The acquisition includes skilled nursing facilities, senior living, home health and other related management and service companies in St. Louis and Illinois. The new company will be renamed Cahill Rosewood.
The acquisition will not result in any layoffs, Cahill Rosewood spokesman Ron Iori said. The company plans to spend $6 million to $8 million to upgrade Rosewood facilities, Iori said, including to purchase new beds, along with medical and health care equipment.
Cahill closed on the acquisition in December and it took over management of the Rosewood facilities last week, Iori said.
Cahill Group is led by Mark Yampol, who is a third-generation health care operator.
“The Rosewood brand is very strong, and Rosewood is one of the best managed providers delivering excellent care,” Yampol said in a news release. “These businesses will form the foundation for Cahill’s planned growth in the health care arena.”
The transaction was financed by a combination of equity and loans with Holland & Knight serving as legal counsel.