Private equity firm Cascade Capital Group has purchased 29 Iowa nursing homes for $85 million, making it the largest nursing home sale in the state's history, according to an Oct. 21 report from the Iowa Capital Dispatch.
The nursing homes were previously owned by ABCM Corp. of Hampton, led by Richard Allbee, who declined to speak to the Iowa Capital Dispatch for the report.
ABCM in July notified employees that facility operations would be transferred to an affiliate of Legacy Healthcare. Legacy Healthcare is an affiliate of Cascade Capital, the report said.