Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.
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Acquisitions KEEPING YOUR SERVERS UP . I'M DOWN WITH THAT. Alliance Technologies is the trusted IT partner you need to stay on the cutting edge with a complete line of products and services including IT, networking, storage, security software, and more. And as one of the INS Family of Companies, Alliance is connected with an even greater source of top-level talent, technology, and tools to keep you more productive. For more information visit SeniorLivingIT.com THE INS FAMILY OF COMPANIES Kensington and SEDCO acquire Class A seniors housing property in Texas The Woodlands, Texas — Kens- ington Realty Advisors, an invest- ment manager based in Chicago, and SEDCO Capital have jointly acquired The Village at the Wood- lands Waterway for an undisclosed price. The Village is a 207-unit independent, assisted living and memory care facility located in The Woodlands, 30 miles north of downtown Houston. The property, completed in 2012, is located along The Wood- lands Waterway and is within walking distance to entertain- ment and shopping. "We are pleased to acquire such an attractive property in a tremen- dous location," says James Smith, managing principal of Kensington. In conjunction with the acquisi- tion, Kensington retained Senior Lifestyle Corp., a seniors housing services provider, to take over the operations of the community. For SEDCO Capital, this acqui- sition is part of a plan to build its seniors housing portfolio this year. Almost Family acquires WillCare HealthCare in large home health transaction Buffalo, N.Y. — Almost Family Inc. (Nasdaq: AFAM), a provider of home health nursing services, has signed a defnitive agreement to acquire the stock of WillCare HealthCare. Buffalo-based WillCare, a provider of skilled home health and personal care services, gener- ated $72 million in revenue in 2014 and now operates 16 branch locations in three states. With this acquisition, Louisville, Ky.-based Almost Family will operate over 230 branches across 15 states. The company expects its annual net revenue run rate to approach $600 million. The acquisition is expected to cost $46 million to $53 million based on earnings prior to closing and subject to a working capital adjustment. The transaction will be funded from Almost Family's recently announced new $175 million senior secured revolv- ing credit facility. Almost Family expects to close the Ohio portion of the transaction in early March. WillCare is one of the largest proprietary home health opera- tors in the state of New York (a certifcate of need state) with 11 branches located in the Buffalo area and in the Hudson Valley area north of New York City. WillCare also operates three branches in Connecticut and one in northeast Ohio. The acquisi- tion increases the size of Almost Family's personal care segment by nearly one-third. Meridian acquires Charlotte community with $5.3 million Lancaster Pollard loan Charlotte, N.C. — Lancaster Pollard's recently launched fnance company has provided a $5.3 million balance sheet loan to fund Meridian Senior Living's acquisition of Lawyer's Glen Retirement Living Center. Lawyer's Glen Retirement Liv- ing Center is an 82-bed licensed assisted living and dementia care facility located in Charlotte. Meridian, an operator of over 100 communities nationwide, sought to acquire Lawyer's Glen and improve operations. Lancaster Pollard Finance Co. was able to provide a direct bridge loan and commit to closing in only 11 days. In addition to providing fnanc- ing for the acquisition, the loan also provided for signifcant capi- tal improvements to the property, as well as a reserve for working capital. The Village at Woodlands Waterway in The Woodlands, Texas, was sold to Kensington Realty Advisors and SEDCO Capital. www.seniorshousingbusiness.com 19 February-March 2015 n Seniors Housing Business