Capital Senior Living is set to rebrand as Sonida Senior Living, effective Nov. 15, after closing its financing transaction with Conversant Capital on Wednesday.
The company raised $154.8 million, including aggregate gross proceeds of approximately $34 million from the common stock rights offering.
The name change is meant to showcase the company’s “evolution and exciting future,” according to a press release issued Wednesday. The name Sonida (Soh-nee-dah) is a blend of sonata — a long piece of music usually made up of several parts—and vida, or life, the company stated.
Chief Executive Officer and Director Kimberly Lody told the McKnight’s Business Daily that the company began considering the name change a year ago.
“Our focus has been on enhancing the resident experience to provide care that better fulfills each person’s individualized needs and preferences, develop and implement programming that gives residents opportunities to engage in hobbies and deepen friendships, and encourage residents to reshape the community culture so that it represents the people that live there,” Lody said. “ ‘Capital’ just simply didn’t reflect the care and services we provide our residents.”
The company, she said, has been working on updating its branding for a couple of years and relaunched its website in 2020 to incorporate the new look and showcase its communities.
“With this name change, we feel our brand now fully reflects who we are and what we value,” Lody said.
“Given the impact the [Conversant] transaction will have on growth and continued improvement of our communities and overall organization, we felt that this was the right time to introduce the new name,” she added.