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

Antipsychotics reduction goal is 25% by end of 2015, CMS and provider groups announce

Antipsychotics reduction goal is 25% by end of ...

Long-term care providers are being asked to reduce the use of antipsychotic medications among residents by 25% by the end of 2015, and 30% by the end of 2016. Providers ...

CDC issues new guidelines on pneumococcal vaccine, says LTC flu vaccination rates remain low

CDC issues new guidelines on pneumococcal vaccine, says ...

Long-term care workers continued to have low rates of flu vaccination last season, despite there being 92% vaccination coverage overall among physicians and nurses, the Centers for Disease Control and ...

AL operators accused of withholding $2M in unpaid overtime, minimum wages ...

Four California assisted living operators are facing eight felony charges related to wage theft, tax and insurance violations, according to local reports.