Enlivant and TPG Announce a Series of Acquisitions
CHICAGO — September 15, 2016 — Enlivant, one of the nation’s largest owners and operators of senior living communities, TPG, a leading global investment firm, and TPG Real Estate, the real estate platform of TPG, announced a series of large, strategic portfolio acquisitions today from several unrelated organizations. The acquisitions result in significant operational expansion for Enlivant, adding another 48 communities, representing 3,084 independent living, assisted living, and memory care apartment units across 14 states, to the company’s growing national platform. Sixteen of the communities recently closed, and the remaining thirty two communities are expected to close over the next several months, subject to customary regulatory closing conditions.
Following these acquisitions, Enlivant will operate approximately 230 senior living communities, providing residents with 11,000 apartment units across 27 states. Many of these new communities have larger total unit counts and more services than Enlivant’s typical community, enabling aging residents to remain in their communities with added services such as dedicated memory care support.
“These strategic acquisitions, which directly advance our mission of enriching lives through meaningful relationships and vibrant communities, usher in a new and exciting era of robust growth at Enlivant,” said Jack R. Callison Jr., Chief Executive Officer. “Although these acquisitions expand the size of our national portfolio by nearly 40 percent, we continue to strive not to become the nation’s largest senior living provider, but to become the nation’s most trusted senior living provider.”
Enlivant was acquired by TPG in 2013. Throughout the life of the growing partnership, Enlivant has continually enhanced its operational capabilities and expanded its national footprint through both organic growth and external acquisitions.
“These transactions mark a period of significant business momentum for Enlivant as they continue to scale their national operating platform while maintaining their founding commitment of providing each of their residents with the highest level of attentive, individualized, and personalized care in a home-like setting,” said Avi Banyasz, Partner and Co-Head of TPG Real Estate. “We look forward to growing our long-term partnership with Enlivant by fully and thoughtfully integrating these new communities and further building out this industry-leading business.”
The acquired communities are located in Arizona, Delaware, Florida, Georgia, Kansas, Illinois, Indiana, North Carolina, Ohio, Oklahoma, Pennsylvania, Tennessee, Virginia and West Virginia.
With a proud nearly 35-year history as pioneers in the assisted living industry, Enlivant and its subsidiaries, upon the closing of these acquisitions, will operate approximately 230 senior living communities, representing 11,000 apartment units across 27 states. At Enlivant, we are in the business of enriching lives through meaningful relationships and vibrant communities. The ultimate vision for our organization is to earn the right to be viewed as the nation’s most trusted senior living provider, by living our core values – Compassion, Humility, Integrity, Excellence and Fun. Our more than 7,000 employees are passionate about their individual role as part of a larger organization that places a premium on culture, values and teamwork. Sound "different"? That's because we are. For more information, please visit www.Enlivant.com.
About TPG Real Estate
TPG Real Estate (“TPGRE”) is the real estate platform of TPG, a leading global private investment firm with over $70 billion of assets under management and 17 offices around the world. TPGRE includes both TPG Real Estate Partners, its equity investment platform, and TPG Real Estate Finance Trust, its debt origination and acquisition platform. Collectively, the two platforms have in excess of $7 billion of assets under management. TPG Real Estate Partners has invested or committed to invest approximately $3.5 billion of equity in North America and Europe since 2009 and focuses primarily on investments in property-rich platforms and companies. TPG Real Estate Partners leverages the full resources of TPG in its value-added approach to investing to optimize property performance and enhance platform capabilities. TPG Real Estate Finance Trust manages an approximately $3.2 billion commercial real estate loan portfolio and originates and acquires senior and mezzanine real estate loans across a broad spectrum of asset classes in North America. For more information please visit www.tpg.com.