Bank helps broker affiliation between senior living, CCRC
A Chicago-based investment bank has helped broker an affiliation agreement, allowing a senior care provider to assume management and oversight of another facility in New Jersey.
This new partnership, negotiated by Ziegler, is between the larger Acts Retirement-Life Communities, or “Acts,” — based in suburban Philadelphia, and one of the nation's largest nonprofit owner-operators of continuing care retirement communities, with 23 — and the singular Evergreens. The latter serves about 225 residents and provides three levels of services and care, according to an announcement. The CCRC also includes a 34-bed skilled nursing center.
With this new affiliation, which first became effective in February, Acts says it will manage and oversee The Evergreens, adding it as an affiliate member and part of its CCRC network. This represents Acts' first foray into New Jersey, with the provider already in nine states.
“We are delighted to be affiliating with The Evergreens to further strengthen this well-established community who shares our desire to enrich the lives of seniors,” Gerald Grant, president and CEO of Acts, said in the announcement. “Integrating The Evergreens into our organization aligns with our strategic growth plans to expand our mission and we are extremely excited to work together to make our successful organizations become even stronger.”
Ziegler offers a host of other services to senior-care providers, including investment banking, financial risk management, M&A advising and strategic planning.