Lument Closes $140 Million Sale of West Virginia Long-Term Care Facilities

NEW YORK, Nov. 19, 2025 — Lument Securities announced the completion of a $140 million sale involving four state-owned long-term care facilities in West Virginia. The transaction transferred ownership to Marx Development Group, with its subsidiary Majestic Care assuming operational control.

Transaction Details

The sale, which closed Oct. 31, included a $60 million upfront payment and an additional $80 million commitment from Marx Development Group (MDG) for the construction of three to five new long-term care communities. The total consideration for the deal amounts to $140 million, according to Lument.

Lument Securities, led by Managing Director and Head of Mergers & Acquisitions Laca Wong-Hammond, served as the sell-side advisor to the state of West Virginia. The firm conducted a marketing process that attracted more than 140 interested parties, resulting in nearly a dozen letters of intent before MDG was selected as the buyer.

Facilities Included in the Sale

The transaction covers Hopemont Hospital in Terra Alta, Jackie Withrow Hospital in Beckley, John Manchin Sr. Health Care Center in Fairmont, and Lakin Hospital in West Columbia. MDG’s commitment to invest in new facilities aligns with the state’s efforts to modernize healthcare infrastructure and support local economies through construction and employment opportunities.

Governor Patrick Morrison said in a statement that the transaction represents “an important milestone in our work to strengthen healthcare services and modernize the state’s operations.” He added that patients can expect enhanced care and updated facilities while maintaining fiscal responsibility for taxpayers.

Lument’s Advisory Role

Lument’s M&A team coordinated the sale to ensure continuity of care and employment for facility staff while securing reinvestment funds for local communities. “We were trusted to not only deliver a sale price that exceeded expectations, but also ensure continuity of care and employment,” Wong-Hammond said in the announcement.

Future Development Plans

MDG’s planned $80 million investment in new construction projects is expected to expand the state’s long-term care capacity. The company indicated it will prioritize local labor and materials in the development process. Further details on project locations and timelines were undisclosed.

Sources

Lument: $140 Million Sale of West Virginia Long-Term Care Communities