Family-owned Onelife Senior Living, based in Colorado, and Ally Senior Living, a Texas-based operator, have completed a deal that establishes a brand-new company with 19 communities across eight states.
Nine of the properties come from the previously existing OneLife portfolio; the rest, from Ally-operated properties. The company has plans to acquire five or so communities in the next 12 to 18 months.
The company is retaining the Onelife Senior Living name and branding. Dan Williams, previously CEO of Ally Senior Living, and Zack Falk, previously CEO of Onelife, are partners in the new company. Elliott Westerman, the former chief financial officer at Ally, now has that role at OneLife. Other executives from both companies will fill roles in the newly merged firm.
“This takes us from two successful, but smaller, companies to a large actor in the industry with significant capital-backing,” Onelife Senior Living partner Dan Williams stated Tuesday in a press release.
“We now have much broader capabilities and will focus on being a top-class operator while growing our portfolio selectively and astutely,” he said. “As a company, we want to grow steadily over time rather than all at once, because quality care remains our top priority.”
The two companies began discussing a possible merger last year, and the deal was finalized this month.
“The merger is designed to accelerate growth while maximizing the strategic advantage of each company. Onelife is now uniquely placed in the market with development, construction and operational capabilities,” the press release said.
The freshly launched Onelife Senior Living employs 1,400 across the 19-property portfolio. The headquarters will remain in Denver, with management and support teams in Arizona, Oregon and Texas.
“Onelife’s roots go back 60 years to a six-story senior living community in Canyonville, OR, founded by my father,” said Greg Falk, co-founder and principal investor of Onelife Senior Living. “Partnering with Dan and his Ally team gives us an important opportunity to expand our footprint, enhance our operating platform and come together on new ideas in a market with huge demand projected for the next 30 years.”
