Sacramento, CA-based Cogir Management has acquired Scottsdale, AZ-based Cadence Living, the companies announced late Tuesday.
The merged company will oversee almost 8,000 independent living, assisted living and memory care units at 60 communities across nine states, making it one of the 25 largest senior living operators in the United States based on the current ASHA 50 list compiled by the American Seniors Housing Association and the most recent list of largest senior living companies compiled by Argentum. All of the senior living communities will continue to operate under their existing names.
The transaction involves Cogir buying out the shareholders of Cadence. Specific terms were not disclosed.
“As both companies were growing, both had challenges and skill sets that seemed to fill each other’s gaps perfectly,” Cogir Management USA CEO David Eskenazy said in a statement, calling the two companies “complimentary.” He will be CEO of the new company.
“But more than that,” he added, “as we both learned more about each other’s organizations, it became clear that philosophically we also shared so much in common culturally in the way we feel about our team members and what we believe our residents should experience.”
Cogir Management USA is the US-based subsidiary of Montreal-based real estate company Cogir Services. The US division was launched in 2018 with the acquisition of 12 senior living communities in Washington and California. It brings to the relationship 25 operating communities, with others under development.
Cadence was founded in Scottsdale in 2017 and since has grown to operate 35 communities in nine states, with several additional senior living communities expected to come on board through development in the coming months.
“What started out as a casual conversation between Dave Eskenazy and I evolved into what we both felt was an ideal solution for both companies,” Cadence CEO Rob Leinbach said. “The more we talked about it and the more we thought about it, the better it fit. We believe that the combined company will have the expertise, culture and foundation to be an industry leader in our space for years to come.”
Leinbach will be moving to the position of senior vice president of strategic partnerships for the combined firms, and Cadence Principal Eric Gruber will become senior vice president real estate, Leinbach told the McKnight’s Business Daily, adding that the companies’ leadership teams will remain in place.
“Rob and Eric have built an incredible organization, and as Dave and I met many of the team members and visited communities together, it became clear to us that this was a terrific match. We are thrilled to join forces with them,” Cogir Senior Services CEO Mathieu Duguay said.
Cogir will continue to remain headquartered in Sacramento, with additional offices in Seattle and Scottsdale, AZ.
