Atria Management Announces Completion of Growth-Focused Capital Raise with Fremont Group and Ventas
Proceeds will also be invested, along with an additional investment by Ventas, in a new venture that will act as general partner ("GP") in a
The transactions will result in Atria's senior executives, Fremont and Ventas owning both Atria's management services business and the newly formed real estate venture GP in 33%, 33% and 34% shares, respectively. Additionally, the GP intends to raise
"The Atria management team has worked together to build Atria into a world-class senior housing management services business dedicated to providing exceptional service for its residents, rewards to its dedicated employees and high quality returns for its business partners and property owners for which it provides management services," said Atria Senior Living Chairman and CEO
"It is very exciting to partner with both Fremont and Ventas. Fremont's track record and experience building high-quality businesses for the long-term and the talent of their team will be a great asset for Atria," Moore continued. "And we also couldn't have asked for a better partner than Ventas. Ventas has been supportive and invaluable in helping us grow our business, and we're thrilled to continue down this path together."
"Atria has built an industry leading platform and we couldn't be more thrilled to become partners with the Atria management team and Ventas. Atria's operating capabilities are forward looking and represent the future of the industry. We look forward to being long term value adding partners," said
Atria has increased the number of communities it manages on a long-term basis from 125 to over 200, doubling revenue under management since 2011, when Ventas purchased substantially all of Atria's real estate. Atria's pure play seniors housing management services platform now operates in 28 states and seven Canadian provinces, for Ventas as well as over 10 other real estate owners. Atria has significant market presence in high barrier to entry markets, including metropolitan
About Atria Senior Living:Â
Atria Senior Living is a leading operator of independent living, assisted living, supportive living and memory care communities in over 200 locations in 27 states and seven Canadian provinces. We are the residence of choice for more than 21,000 seniors, and the workplace of choice for more than 15,000 employees. We create vibrant communities where older adults can thrive and participate, know that their contributions are valued, and enjoy access to opportunities and support that help them keep making a positive difference in our world. For more information about Atria, visit AtriaSeniorLiving.com.
About
For more information, visit FremontGroup.com/Fremont-Realty-Capital.
About Ventas:
Ventas, Inc., an S&P 500 company, is a leading real estate investment trust. Its diverse property portfolio of more than 1,200 assets in the United States, Canada and the United Kingdom consists of seniors housing communities, medical office buildings, life science and innovation centers, inpatient rehabilitation and long-term acute care facilities, health systems and skilled nursing facilities. Through its Lillibridge subsidiary, Ventas provides management, leasing, marketing, facility development and advisory services to highly rated hospitals and health systems throughout the
More information about Ventas and Lillibridge can be found at www.ventasreit.com and www.lillibridge.com.
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SOURCE Atria Senior Living
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