A web of partnerships will join Integral Senior Living and Discovery Senior Living as “sister companies,” forming the fifth-largest senior housing operator in the nation.
Specialized investment firms Lee Equity Partners and Coastwood Senior Housing Partners announced Wednesday that they signed agreements to invest in Carlsbad, CA-based Integral, which will partner with Bonita Springs, FL-based Discovery.
The partnerships will “elevate the quality of management in the senior living industry,” Sue Farrow, founder of Integral, said in a statement.
“This recapitalization will allow us to continue to carry the ISL culture and ensure the very best service for our residents, associates and ownership groups, as well as invest in technology and systems to create something truly unique in the senior living space,” Collette Gray, who will remain president and CEO of Integral, said in a statement.
Lee Equity and Coastwood recently completed the recapitalization of Discovery. According to the firms, the investment in both companies will create “synergies in systems and platforms” that will allow the organizations to better serve capital partners and residents.
Teams at both companies plan to identify best practices to improve operations quality in the senior living industry while maintaining their own cultures and programs.
“Our combined companies’ resources and expertise will significantly improve the outcomes and experiences for our residents, capital partners and employees,” Discover CEO Richard Hutchinson said in a statement.
Discovery was No. 8 on the American Seniors Housing Association’s 2022 ASHA 50 list of largest senior living operators. Discovery also landed at No. 8 on Argentum’s 2022 list of the largest senior living providers, with Integral/Solstice following at No. 9.
Christian Chaucer, Lee Equity partner, said the two companies are “poised to disrupt the senior living industry.” Lee Equity and Coastwood also will work with the two companies to build and support a network of senior living communities across the nation.
Together, the two operators will manage 27,000 senior housing units in 36 states.
