Louisville, CO-based Balfour Senior Living now is an affiliate of Carlsbad, CA-based Kisco Senior Living, the companies announced Friday in a joint statement.
“We are excited to complete this effort, which will bring new capabilities, resources and greater geographic coverage,” said Andy Kohlberg, CEO and founder of Kisco, who now will lead both companies.
Michael Schonbrun, CEO and founder of Balfour, will stay on as a strategic adviser for the Balfour communities. The companies will continue to operate under their distinct brands in an effort to ensure continuity for residents and staff members.
Collectively, the companies have a combined 35 communities, with more than 5,000 independent living, assisted living and memory care units.
Balfour historically has focused on Colorado, where it operates nine communities. A recent market expansion also brings it to Ann Arbor, MI, and the company has new projects underway in Boston and Washington, DC. Kisco manages 25 communities, primarily in California and North Carolina, with other operating properties in Florida, Hawaii, Utah and Virginia and a new building nearing completion in Gaithersburg, MD.
The companies said that they have discussed a possible transaction for years as they have followed “parallel paths” since their founding 30 years ago. Both firms feature a rent-based continuum of care, typically including independent living, assisted living and memory care, and the combination of the two companies is expected to be geographically complimentary, according to the executives.
“The two companies share a demonstrated commitment to outstanding design, superior life enrichment programs, high-end dining and a dedicated, service-oriented staff. It’s a synergistic combination,” Balfour co-founder and General Counsel Susan Juroe and Schonbrun said in a joint statement.
CS Capital Advisors was the financial adviser to Balfour for the transaction.
