Private investment firm acquires Assisted Living Concepts for $287 million

Share this article:

Investment firm TPG will acquire Assisted Living Concepts for $287 million, the companies announced Tuesday. ALC operates 210 facilities in 20 states.

Wisconsin-based ALC has been led by high-profile CEO Charles “Chip” Roadman, M.D., since May, following the dismissal of Laurie Bebo. Roadman, a retired lieutenant general in the U.S. Air Force and former president and CEO of the American Health Care Association, took charge with the company under fire from regulators. He was at the helm when the company concluded a $100 million deal with Ventas Realty to purchase 12 troubled ALC-operated residences.

In November, ALC posted a quarterly loss of $4 million, with revenue and occupancy both down on a year-over-year basis. The company sustained losses of $23.5 million over the first three quarters of 2012.

A majority of Class A stockholders must approve the deal before the acquisition is closed. These stockholders would receive $12.00 in cash for each share under the terms of the deal.

Share this article:

More in News

Long-term care leaders need self-awareness, partnerships to avoid the 'Founder's Trap,' CEO panel advises

Long-term care leaders need self-awareness, partnerships to avoid ...

Strong leaders must be vigilant or they could stifle a company's innovation and growth, a CEO panel said Monday at the 2014 LINK LTC and Senior Living Conference in Chicago.

Coaching sessions reduce hospital readmissions, study finds

An hour-long educational coaching session and up to three follow-up phone calls reduced readmissions by 39% among Medicare patients, a new study finds.

County nursing home weighs heroin addict plan

An Ohio county is evaluating whether 20 beds at its nursing home could be dedicated for heroin addicts during their withdrawal, according to local reports.