ABHOW, be.group merger complete
be.group's John Cochrane and Albert Kelley with ABHOW's Randall Stamper and David Ferguson.
American Baptist Homes of the West and be.group have completed their merger after having received approval from regulators, creating the largest nonprofit senior living provider in California and one of the largest in the country.
The organizations have become part of the Cornerstone Affiliates family of companies, which also includes Beacon Communities Inc. and Seniority Inc. Cornerstone Affiliates and another holding company, California Life Plan Communities, will oversee strategic planning and an integrated focus on continuing care retirement communities, affordable housing and middle-market housing and services.
The newly unified company will serve almost 10,000 residents in 84 communities across Arizona, California, Idaho, Nevada, Oklahoma and Washington.
As planned, former ABHOW President and CEO David Ferguson, who has been with ABHOW for 25 years, will transition into the role of executive adviser. Former be.group President and CEO John Cochrane has been named president and CEO of the combined organization.
ABHOW and be.group announced affiliation plans last July. Founded in 1949, the $250 million ABHOW brought to the merger more than 5,800 residents in 50 retirement communities in the aforementioned states. ABHOW had 2,400 employees. Founded in 1955, the $150 million be.group was serving nearly 4,000 residents across 34 communities in California, with 1,200 employees.
Above: Pictured at the time of the announcement of the planned merger: be.group CEO John Cochrane, be.group Board Chairman Albert Kelley, ABHOW Board Chairman Randall Stamper and ABHOW CEO David Ferguson.
David Ferguson talks about the impending merger in this exclusive interview with McKnight's Senior Living.