Business & Tech
Falls' Assisted Living Concepts Sold to Private Firm
After the CEO was fired when a series of violations were found in the senior living residences, the company has been sold to a Texas private firm.
Assisted Living Concepts, Inc., a Menomonee Falls-based operator of 210 senior living residences in 20 states, has entered into a definitive agreement to be acquired by a private investment firm.
It will be being acquired by Texas-based private-equity firm TPG for $278 million.
“We are very pleased with the transaction,” said Mr. Mel Rhinelander, chairman of the Special Committee, in a release. “The acquisition represents a significant premium for our shareholders, and we also believe that TPG will help continue ALC’s focus on high quality service and care for our residents.”
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The company has been losing money and endured a difficult year after it fired its chief executive officer when several states found a series of violations in ALC locations, reported the Milwaukee Journal Sentinel.
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