Discovery Senior Living has announced the launch of its latest operating company, Arvum Senior Living.
The launch marks a “significant expansion” to Discovery’s multi-brand portfolio, and Arvum is managing properties in Illinois, Iowa, Kansas, Missouri and Wisconsin, according to a Jan. 22 press release.
Arvum will serve as a local management company, with support and services provided by Discovery Operational Support Center. Launching the new company “reflects Discovery’s commitment to enhancing the quality of senior living while maintaining a strong regional focus,” according to the release.
The company is headed by Discovery veteran Richard Totorico, who has taken on the role of division chief operating officer of Arvum. Totorico brings more than 30 years of health care experience to the position, having worked in acute care, community-based and senior living settings.
“We are excited to launch Arvum Senior Living as our latest operating company and brand,” Richard Hutchinson, CEO of Discovery Senior Living, said in the press release. “The addition of Arvum signifies the ongoing evolution in our multi-year strategic initiative aimed to seamlessly blend personalized local community management with the strength and stability of our differentiated home office specialty support departments. We are equally pleased to have Richard, a seasoned DSL executive at the helm of the Arvum team.”
The launch of Arvum continues Discovery’s trend of growth, as it previously introduced several other operating companies, including LakeHouse Senior Living in August 2023, which focused on regional management in the Midwest. The growth also follows Discovery’s partnership with Integral Senior Living, which created the fifth largest senior housing operator at the time in February 2023.
The concept behind the strategy is to create largely autonomous, geographically-organized platforms that blend the advantages of a regional operator with the efficiencies of scale that a large, national operator enjoys. The idea, as Hutchinson previously put it to SHN, is to “scale, not fail.”
Discovery also has brands that are national in scope, including Discovery Village and Choreograph. In 2022, Discovery recapitalized in a deal Coastwood and Lee Equity, which has supported the provider’s growth and informed its strategy, which takes cues from Lee Equity’s experience in the hotel sector.