The Well-Spring Group and Brightspire, both senior living providers, have signed a binding, definitive agreement to merge, creating a new parent entity, Kintura.
The merger establishes Kintura as the largest not-for-profit senior living organization in North Carolina and within the top 40 across the nation, according to a press release announcing the merger. The name Kintura combines forms of “kindness” and “kindred” as well as the Scottish Gaelic term for “journey” or “travel.”
“This is a historic new chapter for our two great organizations,” Well-Spring and Brightspire said in a joint statement. “Our due diligence confirmed that this move is the right thing to do and best ensures not only a secure future for our communities, programs and those we serve but also immense opportunities for our team members and our ability to support the needs of our growing population of older adults. The future promises to be bright under the Kintura direction and leadership.
The Well-Spring Group opened its first retirement community in 1993 in Greensboro, NC, and now owns two continuing care retirement / life plan communities. Well-Spring’s home- and community-based programs offer home care and adult day and group respite services to older adults living with dementia, along with caregiver education and support.
Brightspire, formerly The Presbyterian Homes, has a 72-year history in North Carolina. Brightspire comprises three senior living communities in Laurinburg, Cary and High Point.
The group also manages the Friends Homes campuses in Greensboro and is a partner in two affordable senior housing communities in Raleigh.
Steve Fleming, former chair of the LeadingAge board and president and CEO of The Well-Spring Group, and Tim Webster, president and CEO of Brightspire, will both serve as co-president and CEO of the new company. Fleming’s duties will emphasize organizational strategy, whereas Webster’s duties will emphasize operations.
The new company that gives Well-Spring and Brightspire equal ownership includes five CCRCs as well as additional services and programs in North Carolina. Each Brightspire and Well-Spring Group community will retain its name, culture and established traditions, according to the press release.
“No cash will be exchanged in the transaction; however, both organizations will equally contribute to funding the launch of Kintura,” the press release said. “No layoffs are planned by either organization, but there will be consolidation of back-office functions after the merger is complete. The charitable foundation arms of both organizations will remain unchanged and in place.”
The companies first signed a letter of intent to merge back in July, allowing time for due diligence. The merger will become effective upon closure of the agreement, which is expected upon receipt of the Internal Revenue Service’s official determination letter confirming Kintura’s tax-exempt status, as well as approval by the North Carolina Department of Insurance.
