Private Equity Groups Sold Sunrise Stake for $400 Million

The three private equity groups that invested in Sunrise Senior Living’s management business sold their stake for $400 million, according to a letter to investors obtained by Bloomberg News.

Kohlberg Kravis Roberts & Co. L.P. (KKR), Beecken Petty O’Keefe & Company, and Coastwood Senior Housing Partners LLC purchased an 80% stake in the business for $130 million in a deal announced in September 2012. About $82 million of that investment came from KKR, Bloomberg says citing the letter.

In February 2014, the private equity investors sold their stake to Revera and Health Care REIT, which had already invested $26 million for 20% ownership of the Sunrise operating business. Revera now owns 76% of the McLean, Va.-based company, and Health Care REIT owns the remaining 24%. The terms of the sale were not disclosed at the time.

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Written by Alyssa Gerace

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