PITTSBURGH—Rochester-based Cardinal of Minnesota, which provides residential and in-home services for people with disabilities and employs about 450 people, is under new ownership as longtime CEO Jack Priggen retires.
The Cottages Group of Burnsville, a family-owned, 24-year-old company providing the same services, is now behind the wheel at Cardinal. This acquisition grows its workforce from 250 to 700.
“Our intention is to make as little changes as possible,” Cottages CEO Brittany Eriksmoen said. “We’re just merging the two companies together. Jack and Michelle (Priggen) did such a great job with Cardinal. “We’re not changing the name. We’re keeping all of the employees. We want to make this seamless for both employees and clients.”
All of the 45 care residences that provide care and housing for people with developmental disabilities and related conditions will continue to operate as they have in Rochester, Winona, Austin, Red Wing, Harmony, Chatfield, Spring Valley, Mantorville and Bemidji cities.
Priggen said that the fit between the companies, both geographically and philosophically, made sense.
“I’m delighted that a buyer was found who is so well aligned with our mission, vision and values, and I couldn’t be more excited about the future of the company that I spent 30 years building, being in good hands,” he said. “It was a key filter for us to find an organization that not only shares our values but also isn’t headquartered in Arizona or Michigan and just wants to expand their national footprint.”
The M&A market for healthcare companies continues to build on STRATEGIC opportunities and a fragmented market. Consolidations along with unprecedented demand are driving scale across the continuum of care. The strategic corporate buyers and private equity investors remain committed to acquiring strong businesses that are well prepared for a transaction. Across the continuum of care, these buyers and investors are looking for well established, profitable businesses and offering prime valuations and options for management.
Do you know the current market value of your business? We do! We are here to help you plan, prepare, explore and succeed in executing your strategic options.
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