Senior Quality Lifestyles Corporation (SQLC) is in talks to purchase senior living management company Seniority from Cornerstone Affiliates, the parent company of be.group and ABHOW, among its family of senior living companies. The deal, a strategic disposition, comes several months following the major merger of be.group and ABHOW.
Seniority manages seven communities in California and Oklahoma, with five additional communities under development. The company launched in 1997 and is a wholly-owned subsidiary of American Baptist Homes of the West (ABHOW), which merged with California-based be.group earlier this year.
“We underwent a lengthy review before entering into discussion with SQLC,” John Cochrane, Cornerstone Affiliates president and CEO, stated in a press release. “The decision was made after our board of directors and executive team determined that Seniority did not fit the organization’s new strategic direction. We have concluded that Seniority will thrive under different ownership.”
SQLC owns and operates five communities in Texas and one in Indiana. The purchase price was not disclosed.
“The purchase of Seniority, Inc., will allow us to add more communities to our portfolio while expanding the services we can offer tour existing communities and others across the country,” Stan Waterhouse, president and CEO of SQLC, said in the press release. “We are currently involved in negotiations with Cornerstone Affiliates and anticipate closing the transaction in the near future. We look forward to making Seniority a part of the SQLC family.”
The transaction is expected to be completed by the end of the year.
Written by Amy Baxter