Trillium Court owner, Revera, sells Home Health division to ParaMed

Revera Inc., owner of Trillium Court Seniors' Community in Kincardine, has entered into a definitive agreement to sell its Canadian Home Health division to Extendicare Inc. which operates a home health care division (ParaMed).
The decision to divest the Home Health division follows a thorough strategic review of the company's business portfolio under the leadership of Revera's new president and chief executive officer, Thomas G. Wellner.

"This divestiture represents an important strategic direction for Revera that will allow us to focus on our core strengths by making choices to expand our Retirement Living and Long-Term Care divisions, and to invest in innovation that improves the customer experience across our portfolio," said Wellner.
"We are very proud of our Home Health team and pleased it will continue to provide leadership in the sector under new ownership that shares Revera's commitment to quality care."

The transaction brings together two leading home care providers focused on quality, person-centred care and employee satisfaction, states a news release from Revera. All Revera Home Health front-line workers and the majority of management employees will transition to Extendicare to allow for continuity of care with clients, and to support a seamless transition.

"Revera Home Health and ParaMed both have an exceptional reputation for service and quality, having each been awarded Accreditation Canada's highest level of accreditation, Accredited with Exemplary Standing," said Tim Lukenda, president and chief executive officer of Extendicare.
"We are excited to welcome more than 5,700 highly-qualified and dedicated employees from Revera Home Health to ParaMed, and its approximately 5,200 caregivers to provide a seamless integration and continuity of care for our home care clients. Together, we believe that we will have an unparalleled ability to meet the needs of Canada's seniors' population."

Revera's Home Health portfolio is significantly smaller than its other divisions, and is comprised of about 5,700 employees operating in Alberta, British Columbia, Manitoba, Nova Scotia, Ontario and Quebec. The divestiture will provide capital to allow for investment in new growth opportunities.
In 2014, Revera expanded its footprint in the growing seniors' housing markets in the United States and the United Kingdom, by acquiring a 76-per-cent interest in Sunrise Senior Living Management Company, with Health Care REIT owning the remainder. Sunrise manages 290 communities in the U.S. the U.K. and Canada.

Also in 2014, Revera signed a partnership agreement with Reseau Selection to expand its presence in Quebec by jointly owning 20 retirement communities across the province, which are operated by Reseau Selection. Successful partnerships are a key part of Revera's strategic growth plans.

The completion of the transaction with Extendicare is subject to customary closing conditions and regulatory approvals, including assignment of government contracts, and is expected to close in the second quarter of 2015.

For more about Revera, check the website at www.reveraliving.com or on Facebook at facebook.com/Revera.Inc.