Trilogy Health Services LLC (Louisville, Ky.) has entered into a definitive agreement to be acquired by Griffin-American Healthcare REIT III Inc. (Griffin-American) for approximately $1.125 billion via joint venture with NorthStar Healthcare Income Inc. (NHI).
Griffin-American will own 70 percent of the joint venture and will act as its manager. NHI will own 30 percent of the joint venture. As part of the transaction, Trilogy’s management team led by Randy Bufford, Trilogy’s founder and chief executive officer, will maintain an investment of approximately $24 million in Trilogy.
Trilogy’s operations also extend to an institutional pharmacy (PCA Pharmacy) with four locations, and a rehabilitative services company, Paragon Rehabilitation.
The transaction is subject to customary closing conditions and the satisfaction of other requirements as detailed in the agreement.
