Assisted Living Concepts Inc., a Menomonee Falls-based operator of assisted living residences, announced the completion of its acquisition by TPG, a global private investment firm, and the appointment of Jack Callison Jr. as the company’s new chief executive officer.
ALC stockholders voted to approve the acquisition on May 16, 2013. Under the terms of the merger agreement, ALC stockholders are receiving $12.00 in cash for each share of Class A common stock. As a result of the transaction, ALC’s stock will no longer be listed for trading on the New York Stock Exchange.
Callison succeeds ALC’s interim CEO Dr. Chip Roadman, who is retiring. Callison has almost 20 years of combined experience in the senior housing and multi-family industries, in both the public and private sector. He has served as Chief Executive Officer and President of several large residential organizations, including Holiday Retirement Corp. and Archstone. Callison’s appointment is effective immediately.
“I am excited to be partnering with TPG and to have the opportunity to lead ALC going forward,” Callison said. “ALC is one of the country’s leading assisted living providers, and I look forward to working in partnership with our employees across the country to make our organization the most trusted provider of assisted living in America.”
“We are excited to have Jack lead the company,” said Avi Banyasz, TPG partner. “TPG believes ALC is poised to become the housing provider of choice when seniors and their families are looking for high quality assisted living care.”
Assisted Living Concepts and its subsidiaries operate more than 200 assisted living residences comprising more than 9,000 resident units in 19 states.
TPG is a leading global private investment firm founded in 1992 with $56.7 billion of assets under management and offices in San Francisco, Fort Worth, Austin, Beijing, Chongqing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, Sao Paulo, Shanghai, Singapore and Tokyo.
A lawsuit involving Assisted Living Concepts is still pending in the U.S. District Court for the Eastern District of Wisconsin. Shareholder Robert Lifson filed a securities class action last August that alleges the company withheld information regarding occupancy rates from shareholders between March 2011 and August 2012 in violation of SEC rules. Assisted Living boosted its occupancy numbers by leasing units to employees, the suit alleges.
