Dillsburg, PA-based Presbyterian Senior Living and Orlando, FL-based Westminster Communities of Florida announced Monday that they have entered into a memorandum of understanding to explore a possible affiliation by Jan. 1 that could “create additional opportunities for other faith-based organizations to join in.”
“The planned retirement of both organizations’ CEOs offers a window of opportunity that will enable PSL and Westminster to think creatively about what the relationship could look like,” they said in a joint press release.
The memorandum was signed late last week after the boards of both organizations approved it, Scott Townsley, principal of Trilogy Consulting, told McKnight’s Senior Living. The boutique strategy, affiliations and consumer research firm specializes in senior living and care and is representing both organizations.
PSL CEO Stephen Proctor, who has been with the organization since 1971, is retiring June 7, although he will continue to advise the organization for several months, Townsley said. Westminster CEO Roger Stevens, who is planning to retire at the end of the year, has been with Westminster since 1995, he added.
Proctor and Stevens already knew each other through the Presbyterian Association of Homes and Services for the Aging and had an informal discussion about a potential relationship between their organizations at the 2018 LeadingAge annual meeting, Townsley said.
“There are shared values, many similarities and a high level of trust,” he said. “There’s a sense or belief that this potential ‘merger’ will create additional opportunities for other faith-based organizations to join in.”
Now that the agreement is signed, due diligence will begin. Meetings will be scheduled with residents, staff members and other constituents over the next several weeks to provide more information on how the conversations are progressing.
“There will be opportunities for both boards to review, over the summer,” Townsley said. “Presuming that the affiliation proceeds, it is anticipated to be formalized as of Jan. 1, 2020.”
The 92-year-old Presbyterian Senior Living provides services and accommodations to more than 6,000 seniors in 32 communities across the mid-Atlantic region of Pennsylvania, Maryland, Ohio and Delaware. The 65-year-old Westminster Communities of Florida serves more than 7,000 residents in 10 continuing care retirement communities and 12 affordable rental retirement communities in Florida. The companies are ranked 13th and 15th, respectively, on the 2018 LeadingAge Ziegler 200 list of largest not-for-profit multi-site senior living organizations by total senior living units.