Investcorp Closes Harborside Health Sale

Investcorp has completed its sale of Harborside Healthcare Corp. to Sun Healthcare Group Inc. (Nasdaq: SUNH). The deal includes $349.4 million in cash for Harborside's equity, while Sun also entered into a new $485 million senior secured credit facility led by Credit Suisse. Harborside is a Boston-based operator of 73 skilled nursing facilities, one assisted living facility and one independent living facility with approximately 9,000 licensed beds in ten states.