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PACS Group
PACS Group went public in April 2024 as a vertically integrated owner-operator of over 200 skilled-nursing facilities led by founder Jason Murray.
PACS Group
PACS Group was founded in 2013 by Jason Murray, a former nursing-home executive who built the company through a series of acquisitions of underperforming skilled-nursing facilities, primarily in the western United States. Murray structured the firm as an owner-operator rather than a traditional landlord-tenant split, consolidating both real estate and operations under one roof to capture efficiencies that the fragmented industry typically leaves on the table. The company is headquartered in Farmington, Utah. The firm deploys capital exclusively into skilled-nursing and post-acute care real estate and operations. Its portfolio spans more than 200 facilities concentrated across 15 states, with densest coverage in California, Texas, and the Mountain West. PACS acquires distressed or under-managed nursing homes and installs its own operating playbook, targeting occupancy-rate improvements and staffing-cost discipline. The model is acquisitive and operationally intensive rather than development-led. Confirmed transactions include portfolios acquired from Providence Group and other regional operators. The company listed on the New York Stock Exchange in April 2024 under ticker PACS, raising approximately $450 million in its IPO, which valued the firm at over $3 billion (per Reuters, April 2024). It employs a decentralized management structure with local administrators given significant autonomy over facility-level decisions, backed by centralized compliance, legal, and financial reporting. Murray remains the largest individual shareholder post-listing. The structural differentiator is PACS's vertical integration of real estate ownership and facility operations within a single public-company chassis. Most skilled-nursing portfolios are held in private REIT-and-operator pairs, which creates incentive misalignment between rent-seeking landlords and margin-pressed operators. PACS internalizes that conflict, aiming to produce returns through operational turnaround rather than financial engineering — a posture that remains rare at scale in post-acute care.
General information
Firm type
Asset Manager
Year founded
2013
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Farmington
Corporate office
Farmington, UT, United States
Principals
Jason Murray
Chairman and CEO
Mark Hancock
CFO
Sector focus
Frequently asked questions
Who controls PACS Group post-IPO?
Jason Murray, the founder and CEO, remains the largest individual shareholder following the April 2024 New York Stock Exchange listing. The company operates with a classified board structure that gives incumbent directors and management significant influence over governance, a common setup among founder-led public companies. The IPO was primarily a primary share issuance, with proceeds used for debt repayment and acquisition funding rather than founder liquidity (per the firm's S-1 filing, 2024).
What is PACS Group's acquisition strategy?
PACS targets underperforming skilled-nursing facilities in states with favorable regulatory and reimbursement environments. The firm acquires both the real estate and the operations, then deploys its centralized management framework to improve occupancy, control staffing costs, and renegotiate supplier contracts. Acquisitions are typically financed through a combination of mortgage debt, cash flow, and—since the IPO—public equity capital.
How does PACS Group differ from other skilled-nursing REITs?
Unlike healthcare REITs such as Welltower or Ventas, which own the real estate and lease it to third-party operators, PACS owns and operates its facilities directly. This vertical integration eliminates the landlord-operator tension that can lead to deferred maintenance and financial distress in lease-heavy models. PACS argues its structure allows faster capital deployment into facility improvements without renegotiating leases.
In which states does PACS Group have the largest concentration of facilities?
California represents the highest facility count in the PACS portfolio, followed by Texas and a cluster of Mountain West states including Utah and Arizona. The company expanded eastward in the years leading up to the IPO but remains overweight in western US markets where founder Jason Murray had pre-existing operator relationships and where certificate-of-need barriers are lower.
What regulatory risks does PACS Group face?
All skilled-nursing operators face material exposure to Medicare and Medicaid reimbursement rates, which fund the majority of post-acute care facility revenue in the US. PACS also carries the compliance risk inherent in running a large, decentralized nursing-home portfolio, where facility-level failures can attract CMS enforcement actions. The company disclosed ongoing investigations in certain facilities in its pre-IPO filings, a risk factor common among large post-acute operators.
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