Greystone Communities formally announced earlier this week that an employee group has purchased the company back from parent Sunrise Senior Living so as to once again be a privately-held company. Earlier this month, Senior Housing News reported this transaction in “Sunrise Senior Living To Sell Greystone Interest In An Effort To Raise Cash And Stem Losses” as part of Sunrise’s attempts to stabilize its business operations. Greystone operated as a subsidiary of Sunrise and is re-acclimating itself to a stand-alone full-service development and management consultant to the non-profit senior living industry since its founding in 1982. In the past four years as a Sunrise company, Greystone successfully developed 23 senior living communities requiring more than $2 billion in capital, and also doubled its management business. Greystone currently has a backlog of more than $1 billion in senior living developments. Leadership of Greystone will remain intact including Mike Lanahan, Chairman; Paul Steinhoff, Co-Chairman and CEO; Mark Andrews, President; and John Spooner, Executive Vice President.
“Greystone can best serve its clients and their customers as a privately-held corporation,” stated Mike Lanahan, Greystone Chairman. “Our repurchase was made possible through investments by a core group of Greystone’s 200 employees.”