Private equity firm TPG has announced the completion of its acquisition of Assisted Living Concepts in a deal reportedly valued at $280 Million.
Shareholders initially voted on the acquisition in May, and have agreed to receive $12 in cash for each share of Class A common stock and $12.90 cash per share of Class B common stock.
ALC, a national operator of assisted living residences, and its subsidiaries operate more than 200 senior living residences in 20 states.
It became a publicly traded company (NYSE Euronext: ALC) in 2006. Its stock will no longer be listed for trading on the New York Stock Exchange, as a result of the acquisition.
The company has appointed new CEO Jack Callison to succeed ALC’s interim CEO Dr. Chip Roadman, who is retiring, effective immediately.
“I am excited to be partnering with TPG and to have the opportunity to lead ALC going forward,” Callison said. “ALC is one of the country’s leading assisted living providers, and I look forward to working in partnership with our employees across the country to make our organization the most trusted provider of assisted living in America.”
TPG restated its commitment to the new leadership upon the closing of the acquisition.
“We are excited to have Jack lead the company,” said Avi Banyasz, TPG partner. “TPG believes ALC is poised to become the housing provider of choice when seniors and their families are looking for high quality assisted living care.”
Written by Elizabeth Ecker