Diversified Global Holdings Group (OTCQB: DGHG) completed the acquisition of Banyan Development LLC by purchasing the 48% of the outstanding equity of the development.
Banyan Development is an Elder Care management and investment company and is developing a 100 bed Assisted Living Residence offering standard care options, as well as care for Alzheimer’s and other dementia related disorders.
“Banyan complements the DGHG portfolio with additional cash flow, a new industry vertical and timely accumulation of U.S. based community enhancing projects,” said Richard Lloyd, CEO of Diversified Global Holdings Group. Mr. Lloyd continued, “I see this as a significant paradigm shift in the assisted living sector which we expect to produce year over year results for the next fifteen to twenty years.”
Banyan claims the new facility will be state of the art and designed to adhere to the “Eden Alternative.”
“This principle-based philosophy seeks to empower caregivers to transform the outdated institutional service delivery models into a homelike elder centric community, whereby life revolves around continued contact with family, animals, the outdoors and especially children,” said the company in a statement.
DGHG is an international holding company based in Orlando, Fla, with $45 million in revenues and $7,016,719 EBITDA during 2010.