Sunrise Senior Living Announces Change to Investor Group
MCLEAN, Va.--(BUSINESS WIRE)--Sunrise Senior Living, LLC, announced today that Health Care REIT, Inc. (NYSE: HCN) has entered into a definitive agreement to recapitalize the Sunrise Senior Living management company. Upon closing of the transaction, Health Care REIT, which currently owns an approximately 20% interest in Sunrise, will own a 24% interest in Sunrise. Revera Inc., one of Canada’s leading providers of seniors’ accommodations, care and services, will own the remainder. Health Care REIT and Revera are acquiring their interests in Sunrise from affiliates of Kohlberg Kravis Roberts & Co. L.P. (“KKR”), Beecken Petty O'Keefe & Company and Coastwood Senior Housing Partners LLC. Sunrise will continue managing its existing communities under the Sunrise brand.
“We look forward to a supportive and long-term partnership with Health Care REIT and Revera”
"We look forward to a supportive and long-term partnership with Health Care REIT and Revera," said Penny McIntyre, Sunrise's chief executive officer. "Sunrise will continue to operate independently under our current brand, and we welcome this new chapter in our journey to provide Sunrise's high-quality, innovative care to seniors."
“Health Care REIT and Revera share a long-term investment horizon, partnership approach to business and expertise in seniors housing,” said George L. Chapman, Health Care REIT’s chairman and chief executive officer. “We are pleased with our investment in Sunrise as it is performing in line with our high expectations. KKR, Beecken Petty O’Keefe and Coastwood played an important role in transitioning Sunrise from a public company to a best-in-class privately held company. The strong alignment among Health Care REIT, Revera and Sunrise will support continued operational excellence at Sunrise and position it to be a global leader in private pay seniors housing.”
“This is an important strategic opportunity for Revera to invest in a management company that has a presence in the growing and vibrant seniors housing markets in the U.S. and U.K.,” said Jeff Lozon, president and chief executive officer for Revera. “We are deeply committed to long-term growth in the seniors housing sector and are pleased to further strengthen our partnership with Health Care REIT by investing in one of the most respected brands in the industry.”
“Sunrise is committed to the highest standards of living and quality of care for its residents, and we are proud to have invested in the company and to have supported management alongside Health Care REIT. The company has a bright future ahead of it,” Ralph Rosenberg, KKR’s Global Head of Real Estate, said.
The transaction is expected to close in the second quarter of 2014, subject to regulatory approvals. KeyBanc Capital Markets served as financial advisors to Sunrise.
About Sunrise Senior Living
Sunrise Senior Living, a McLean, Va.-based company, employs approximately 29,000 people. As of January 1, 2014, Sunrise operated 290 communities in the United States, Canada and the United Kingdom, with a unit capacity of approximately 26,400 units. Sunrise offers a full range of personalized senior living services, including independent living, assisted living, care for individuals with Alzheimer's disease and other forms of memory loss, as well as nursing and rehabilitative services. Sunrise's senior living services are delivered by staff trained to encourage the independence, preserve the dignity, enable freedom of choice and protect the privacy of residents. To learn more about Sunrise, please visit SunriseSeniorLiving.com.
About Health Care REIT, Inc.
Health Care REIT, Inc., an S&P 500 company with headquarters in Toledo, Ohio, is a real estate investment trust that invests across the full spectrum of seniors housing and health care real estate. The company also provides an extensive array of property management and development services. As of September 30, 2013, the company’s broadly diversified portfolio consisted of 1,197 properties in 46 states, the United Kingdom, and Canada.
About Revera Inc.
Revera is a leading provider of seniors’ accommodation, care and services; built on a more than 50-year history of helping seniors live life to the fullest. Our nearly 30,000 dedicated employees continually strive to serve a diverse group of clients and to offer choices to meet their individual preferences. With 229 sites across Canada and parts of the U.S., we work to enhance lives in our retirement communities, long term care homes, U.S. nursing and rehab centres and through the provision of home health services. Canadian-owned and operated, Revera serves more than 30,000 clients every day, with the core values of respect, integrity, compassion and excellence at the heart of our business.