A new management group, a name change and a possible merger are among the latest changes announced in the senior housing sector.
Bridgewood Property company announced Thursday a new management group to be led by Heather Tussing, who most recently was both chief operating officer and vice president of sales for Morning Pointe Senior Living.
“The formation of The Aspenwood Co., with Heather’s highly respected leadership, provides a strategic alignment of our current and future business,” said Jim Gray, founder and CEO of Aspenwood and president and founder of Bridgewood.
Aspenwood is Bridgewood’s primary operating affiliate and operates 12 senior living communities across the United States. Bridgewood has two developments under construction: The Village on Morehead in North Carolina and The Crestmoor at Green Hills in Tennessee.
“Our luxury product line has been a wonderful success, and we are continuing those efforts with two new developments in Charlotte and Nashville currently under construction,” Gray said.
Rebranding
In other news, AHEPA Management Co. and AHEPA National Housing Corp. announced Thursday that they have rebranded as AHEPA Senior Living. AHEPA Senior Living will continue to own and operate affordable assisted living communities under the Hellenic Senior Living brand.
The changes include a new logo and website.
“Our name change reflects how we are evolving to meet the needs of a growing segment of our population — older adults,” Ike Gulas, AHEPA Senior Living’s new board chairman, stated in a press release. “However, we proudly retain our company values, which instill a sense of family, community and philanthropic service that our residents continue to enjoy and appreciate.”
Steve Beck, ASL president and CEO, added that the rebranding leaves the company “well-positioned for near-term success and long-term growth in our affordable independent and assisted living portfolios.”
Possible merger
Meanwhile, Quad Cities, IL-based Genesis Health System and Livonia, MI-based MercyOne signed a letter of intent Wednesday to develop a strategic partnership. The organizations said they now will begin conducting additional due diligence, ultimately working toward finalizing the terms of a definitive agreement.
“Throughout our partnership exploration, our commitment was to select a partner willing to make significant investments in Genesis that will enhance our ability to grow, thrive and deliver more seamless integrated care in our region. MercyOne is a strong cultural fit with Genesis and shares our commitment to the Genesis Mission, Vision and Values,” Genesis Health System President and CEO Doug Cropper said. “With this selection, we will be able to leverage the skill, talent and scale of national and regional resources while retaining local leadership and focus.”
Nothing will change operationally for either healthcare system as a result of the letter of intent or throughout the due diligence process, according to Genesis. The process is expected to take several months.
