Diversified Global Holdings Group Inc. (OTCQB: DGHG) announced it has closed on the acquisition of Banyan Development LLC, an elder care management and investment company.
Announced in May, the deal gives DGHG 48% of the outstanding equity of Banyan Development, whose first project is a 100 bed assisted living residence in South Florida.
“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.”
The company is betting on the increased performance of senior housing, which has showed a year over year rent growth of 1.5% according to data from the National Investment Center for Seniors Housing and Care Industry.
DGHG is an international holding company based in Orlando, Fla, with $45 million in revenues and $7,016,719 EBITDA during 2010.