Connecticut providers Masonicare and United Methodists Homes on Monday announced a planned merger, pending regulatory and board approvals. The deal is expected to close in early 2025.
“Once concluded, this strategic union will mark a significant milestone in the history of both organizations and will set the stage for a new era of growth, innovation and sustainability,” the companies said in a joint statement.
Masonicare Corp. is Connecticut’s largest not-for-profit senior living and care organization, offering independent living, assisted living, memory care and skilled nursing as well as short-term rehabilitation, respite care and hospice care.
UMH, a 150-year-old organization, has five locations in the Nutmeg State. The communities provide independent living, assisted living, memory care, skilled nursing and short-term rehabilitation
Together, the companies provide services and care for about 1,600 individuals.
“By combining our complementary capabilities and talent, we will be poised to create a stronger, more resilient organization that is well-positioned to meet the evolving needs of our residents, patients and stakeholders,” Masonicare President and CEO Jon-Paul Venoit said. “From our dedicated teams, to our cutting-edge technologies and extensive partner networks, we are confident that the alliance will enable us to deliver even greater value to those in our care.”
Under the proposal, UMH will become part of Masonicare, the companies said.
Venoit will remain as president and CEO of Masonicare. UMH President and CEO David Lawlor will hold an executive role as Masonicare’s chief financial officer and president of its management/consulting services division. Current Masonicare CFO Steven Beaulieu, who has served in that role since 2020, will retire, Venoit told the Hartford Business Journal.
“Our goal is clear: to harness the collective strengths, talent and know-how of both companies to form one stronger, enduring, mission-based organization that redefines the standards of excellence in the field of senior living. We are excited to embark on this transformative journey and thrive into the future,” Lawlor said.
