$47M acquisition effort ends between Elderwood and Weinberg Campus
Officials at the Weinberg Campus on North Forest Road in Getzville have confirmed to Business First that a more than four-year effort to finalize its acquisition by the Elderwood network has concluded without a sale.
The $47 million contract between Elderwood and Post Acute Partners Inc., owners of Weinberg, was terminated in February.
The deal, signed in late 2017, had been slowly making its way through a sequence of approvals by the state Department of Health and involved seven separate corporations affiliated with the senior living community. Both sides had projected the consummation of the deal in 2020, but the COVID-19 pandemic led to changes in business priorities and operations and further delays.
Weinberg Campus now will work on a transformation plan to increase clinical staff positions and recruit a team to replace those who have left due to the pandemic and the uncertainty of the sale process.
The protracted sale process impacted contract negotiations with Weinberg's approximately 200 unionized workers. 1199 SEIU has said its members there received only one-year extensions in recent years due to the pending sale. A two-year agreement with substantial wage increases reached in December was delayed for several weeks due to Elderwood needing to give final approval.
Editor's note: Elderwood is a supporter of WBFO's Older Adults News Desk.