JER, Formation Capital Acquire Tandem for $620M

MCLEAN, VA-JER Partners, the private equity investment arm of J.E. Robert Cos., has strengthened its hand in the healthcare real estate asset class with the $620-million acquisition of Tandem Health Care, Inc., a provider of long-term healthcare services in Maitland, FL.

JER Partners acquired the 77-facility portfolio from Behrman Capital, a private equity investment firm in New York and San Francisco, under a consortium relationship with Formation Capital LLC, an operator and investor in senior housing based in Alpharetta, GA, and Jenkintown, PA.

JER and Formation plan to restructure Tandem into an owner of skilled nursing and other senior housing facilities. Tandem’s senior management will maintain operational control of the facilities through a joint venture formed between Joe Conte, Tandem’s president and COO, and CFO Gene Curcio, called Consulate Healthcare.