BONITA SPRINGS, Fla., Oct. 13, 2022 (GLOBE NEWSWIRE) — Funds advised by Lee Equity Partners, LLC (“Lee Equity”) and Coastwood Senior Housing Partners, LLC (“Coastwood”), two specialty investment firms , announced the signing of an agreement to invest in Discovery Senior Living (“Discovery”), one of the nation’s largest and most innovative senior housing operators. The recapitalization will fund the continued expansion and enhancements of Discovery’s operating platform as it positions itself to meet the changing needs of all industry stakeholders and take advantage of the myriad of opportunities in the maturing industry.
This partnership will usher in the next stage in Discovery’s journey to expand its proprietary national and regional brand management structure, enhance its experiential living operating programs, and continue to evolve its next-generation business processes focused on providing a platform streamlined that produces more transparent and predictable results.
“This strategic recapitalization purposefully combines the strengths and successful experiences of three companies and the resulting innovation-focused efforts will accelerate Discovery’s ability to execute on its vision of creating a scalable company that outperforms the market, addresses some of the legacy industry paradigms and of course is focused on providing a personalized and holistic experience for residents and team members,” said Richard J. Hutchinson, CEO of Discovery Senior Living.
“Discovery Senior Living represents the ideal platform to build a leading national operator of senior living due to the strength of its team, centralized services and national and regional brand operating structure. The tailwinds of secular growth and the opportunity for consolidation within senior housing management are very similar to what we saw in the third-party hotel management industry with our investment in Aimbridge Hospitality, and we look to replicate that success in partnership with Richard Hutchinson and the team at Discovery, as well as Dan Decker and the Coastwood team,” said Yoo Jin Kim, Partner, Lee Equity Partners.
“We believe the partnership between Discovery, Coastwood and Lee Equity will be unique in the senior housing industry. Discovery brings its highly scalable platform and best-in-class senior housing operations to the table. Coastwood brings decades of investment and experience to the table.” operating in senior housing. Lee Equity brings its experience in healthcare business and services along with its buying and construction experience. We are excited to combine our capabilities to lead the industry with improved quality of care, technological innovation and results based in data,” said Dan Decker, president, Coastwood Senior Housing Partners, LLC. Mr. Decker will assume the role of Chairman of the Board of Directors of Discovery Senior Living upon closing.
Hutchinson also added, “After nearly 30 years of working in this industry, I couldn’t be more excited to move forward with the natural evolution of our company and industry and believe we will continue to attract the most forward-thinking owners and equity partners.” “. and individuals who want to be a part of our dynamic culture and the future of our industry.”
The family of companies in the agreement includes Discovery Management Group, Morada Senior Living, TerraBella Senior Living, Discovery Development Group, Discovery Design Concepts, Discovery Marketing Group and Discovery At Home, a Medicare-certified home health care company. The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in the fourth quarter of 2022.
Headquartered in Southwest Florida, Discovery Senior Living currently owns and operates a multi-brand national portfolio of more than 110 communities in 19 states.
About Discovery Senior Living
Discovery Senior Living is a family of companies that includes Discovery Management Group, Morada Senior Living, TerraBella Senior Living, Discovery Development Group, Discovery Design Concepts, Discovery Marketing Group, and Discovery At Home, a Medicare-certified home health care company. With nearly three decades of experience, the award-winning management group has been developing, building, marketing and operating high-end communities for seniors throughout the United States. Leveraging its innovative “experiential living” philosophy in a growing portfolio of more than 15,000 existing or development homes, Discovery Senior Living is a recognized industry leader in lifestyle personalization and is now among the 10 largest US senior housing operators and providers.
About Lee Equity Partners
Lee Equity Partners, LLC is a New York-based private equity firm that partners with successful management teams to create companies with high growth potential. Lee Equity targets equity investments of $50 million to $150 million in mid-market buyouts and growth equity financing in companies with enterprise values of $100 million to $500 million that are primarily located in the United States. The firm invests in a variety of industries where the team has deep relationships built over decades, including business services, financial services, and healthcare services.
About Coastwood Senior Housing Partners, LLC
Coastwood Senior Housing Partners, LLC is an investment firm led by Daniel A. Decker specializing in senior housing and related services. Coastwood partners have extensive investment experience in the senior housing and healthcare industries, including investments in Omega Healthcare Investors (OHI), Sunrise Senior Living and Sentio, as well as board experience at a variety of companies. of public and private health services.
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Figure 2: Lee Equity Partners, LLC
Image 3: Coastwood Senior Housing Partners, LLC
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