The Well-Spring Group and Brightspire on Monday officially closed on their agreement to come together as one new parent entity, the Greensboro, NC-based nonprofit Kintura.
The companies had formally agreed to merge in March.
The merger, according to the firms, establishes Kintura as the largest not-for-profit senior living and care organization in North Carolina and within the top 40 across the nation The organization is made up of five owned and managed continuing care retirement / life plan communities, as well as additional services and programs in North Carolina.
Each Kintura CCRC will retain its name, culture and established traditions “while benefiting from a strengthened organization that has greater depth and financial resources to invest in services and expanded programs,” the company said in a press release.
Kintura’s CCRC portfolio in North Carolina includes:
- Glenaire in Cary,
- River Landing at Sandy Ridge in High Point,
- Scotia Village in Laurinburg,
- The Village at Brookwood in Burlington and
- Well-Spring in Greensboro.
Additionally the company’s portfolio includes Well-Spring Solutions, which includes home- and community-based services for older adults, a partnership in two affordable senior housing communities in Raleigh, and the majority partnership in PACE of the Triad, a focused Program for All-inclusive Care for the Elderly serving Forsyth, Guilford, Rockingham, Stokes and Surry counties.
Stephen Fleming, former president and CEO of The Well-Spring Group, and Timothy
Webster, former president and CEO of Brightspire, are co-CEOs of the new entity. Fleming will focus on organizational strategy, whereas Webster will focus on operations.
“After more than a year of careful due diligence and planning, we are so proud to bring together two strong, vibrant leaders in serving the needs of older adults into one even more robust, innovative and cutting-edge company,” said Lori Haddock, chair of Kintura’s board of directors. “As Kintura, we are even better positioned to deliver aging services in a fast-growing demographic within an ever-evolving landscape. In addition, we can offer our team members more competitive benefits and greater opportunities for career advancement. This is a great win all around.”
Both organizations are equally contributing to funding Kintura’s launch. The charitable foundation arms of both organizations remain unchanged and in place.
