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The troubled Haven Healthcare nursing home chain is to be sold.  The buyer is another company with numerous homes in Connecticut

Middletown based Haven Healthcare declared bankruptcy last November following a string of allegations of both financial mismanagement and poor patient care. Haven owns 15 nursing homes in Connecticut and ten elsewhere in the region. It’s to be bought by Atlanta based private equity firm Formation Capital, the owner of Genesis Healthcare.

Genesis has nine homes in the state, and if the deal is finalized would become Connecticut’s largest nursing home operator, with three thousand beds. Genesis president of the Northeast region, Richard Blinn says they’ll be working to raise standards at the Haven homes.

Genesis hasn’t officially released the purchase price, but Connecticut’s Attorney General says the figure is 85 million dollars. That’s considerably less than a previous offer from a Michigan based company. That deal fell through because the buyer failed to come to terms state officials over increases in Medicaid reimbursement rates. Haven’s homes were threatened with closure if no buyer was found – the only alternative would have been state receivership.