LCS announced an agreement to acquire Encore Senior Living, a management company based in Portland, Ore. that operates nine communities across the country.
Under the deal, Peter Muhlbach, Encore’s principal and several other key employees will join LCS and continue to manage the communities under the Encore brand. The acquisition becomes effective February 1, 2014, and will help LCS to diversify its business and expand beyond continuing care retirement communities (CCRCs).
“Our CCRC business remains an important part of the LCS strategy and we also see great opportunity to be more involved in the assisted living, memory care, and rental markets. Peter has an excellent reputation and we are excited for him to lead our company’s strategic initiative in this area,” said Ed Kenny, president and chief executive officer of LCS.
Ownership of the communities will remain the same and are located in Arizona, Illinois, Oregon, Utah, and a community that is under development in Arizona.
“Working with LCS gives our communities access to resources a smaller management company just can’t provide,” said Peter Muhlbach. “Having access to LCS resources gives our communities a competitive edge and it helps them be well‐prepared for the future.”
LCS has a group of companies that provide a range of services including strategic planning, operations management, and marketing and sales management. The companies of LCS serve over 32,000 residents in 118 communities in 31 states.
Terms of the acquisition were not disclosed.
Written by John Yedinak