The largest non-profit senior living provider in the state of California, HumanGood, will be extending its reach to the East Coast through a planned affiliation with Presby’s Inspired Life.
The combined entity will be the sixth-largest national non-profit senior living provider, the organizations stated Monday in announcing the affiliation.
Pleasanton, California-based HumanGood serves nearly 10,000 residents across 77 communities in California, Arizona, Nevada, Washington and Idaho. It was the seventh-largest multi-site non-profit senior living organization last year, according to rankings compiled by specialty investment bank Ziegler and industry association LeadingAge.
Presby’s Inspired Life serves about 3,000 people across the Philadelphia metro area, in 36 affordable housing communities and three life plan communities.
“Coming together with Presby is a big win for both of our teams,” said John Cochrane, CEO of HumanGood, in a press release. “At HumanGood, we believe in inspiring the best life possible for our residents and team members and we are excited to join with an organization that shares the same belief.”
Cochrane (pictured above) will assume leadership of the combined organization once the affiliation is complete. It is expected to be finalized by June 30, 2019. Presby’s CEO Judee Bavaria will remain in a support role through December 2019 to help with the transition.
Presby’s Inspired Life is in a strong financial position, and is affiliating with HumanGood due to strategic considerations, the nonprofit stated in an FAQ document about the affiliation. Goals going forward include expanding middle-market and affordable senior living options for aging baby boomers, and supporting the workforce through greater resources.
The long-term plan is for Presby’s Inspired Life to take on the HumanGood name and brand, but this process will not begin until 2020.
No job cuts will occur as a result of the affiliation, and a planned expansion of Presby’s Rydal Park community will proceed according to plan, according to Presby’s Inspired Life. The expansion — dubbed Rydal Waters — involves the construction of 85 cottages and amenities such as a clubhouse, cocktail lounge and outdoor swimming pool.
This is the latest expansion for HumanGood. In 2015, nonprofit providers American Baptist Homes of the West (ABHOW) and be.group merged to become California’s largest senior living nonprofit, with nearly $1.5 billion in total assets. The organization rebranded as HumanGood in 2017.
Senior living nonprofits have been affiliating at a steady rate lately, given that scale is increasingly important as the senior living landscape becomes more competitive.
Other recent examples include Lifespace Communities affiliating with Senior Quality Lifestyles Corporation; Acts Retirement-Life Communities combining with Integrace; and United Methodist Retirement Communities affiliating with Porter Hills Presbyterian Village. Presbyterian Senior Living and Westminster Communities of Florida are also moving toward affiliation.
Companies featured in this article:
ACTS Retirement-Life Communities, HumanGood, Integrace, LeadingAge, Lifespace Communities, Porter Hills Presbyterian Village, Presby's Inspired Life, Presbyterian Senior Living, Senior Quality Lifestyles Corporation, United Methodist Retirement Communities, Westminster Communities of Florida, Ziegler