Partnership to provide enhanced management and operational capabilities
CARLSBAD, Calif.-- (February 28, 2023) --Funds advised by Lee Equity Partners, LLC (Lee Equity) and Coastwood Senior Housing Partners, LLC (Coastwood), two specialized investment firms, announced today the signing of an agreement to invest in Integral Senior Living Management, LLC (“ISL”), the 9th largest operator of senior housing in the Nation. As part of the investment, ISL will partner with Discovery Senior Living (“Discovery”) and form the fifth largest senior housing operator in the United States with nationwide presence and preeminent management capabilities.
“We are excited to be partnering with Lee Equity, Coastwood, and Discovery to elevate the quality of management in the Senior Living industry,” said Sue Farrow, Founder of ISL. “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,” added Collette Gray, who will remain President and Chief Executive Officer of ISL.
Lee Equity and Coastwood recently completed the recapitalization of Discovery Senior Living led by Richard Hutchinson, Chief Executive Officer. The investment in both companies by Lee Equity and Coastwood will create an opportunity to find synergies in systems and platforms that will allow the sister companies to better serve capital partners and residents. Combined, these two leading operators will manage approximately 27,000 senior living units with a presence 36 states nationwide. Teams at both companies will identify best practices with the intention of advancing the quality of operations in the senior living industry while maintaining their own unique Cultures and Programs.
“We are pleased to support the investment in ISL and Discovery and believe the two companies are poised to disrupt the senior living industry,” said Christian Chauvet, Partner at Lee Equity. “ISL and Discovery represent two of the leading management platforms in senior living and we are confident that their partnership will result in better outcomes for all constituents,” said Dan Decker, Partner at Coastwood Senior Housing Partners.
This transaction and the continued expansion of the ISL and Discovery platforms will also benefit from a diversified experience across capital partner and community profiles. Lee Equity and Coastwood will continue to work with the two companies to build and support a network of senior living communities across the country.
“It is an honor to partner with the team at ISL to expand our capabilities to provide superior resident experiences throughout the United States,” said Richard Hutchinson, Chief Executive Officer of Discovery and the combined parent company. “Our combined companies’ resources and expertise will significantly improve the outcomes and experiences for our residents, capital partners, and employees.”
Blueprint Healthcare Real Estate Advisors served as exclusive advisor to ISL on the recapitalization. “Our partners at Blueprint have been by our side through this entire process. We couldn’t have had a more professional, dynamic and personable team to work with,” stated Sue Farrow.
About Integral Senior Living
Integral Senior Living, headquartered in Carlsbad, California, manages a progressive selection of more than 100 senior living communities to meet the growing needs of today’s aging population. ISL manages independent, assisted living and memory care communities throughout 25 states. Ranked as the Nation’s 9th largest senior living provider, ISL is founded on a care philosophy that fosters dignity and respect for residents and promotes their independence and individuality. The dedicated associates at each community are trained to maintain the highest standards of senior care services. For more information, visit www.islllc.com and ISL’s Facebook page.
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 healthcare company. With almost three decades of experience, the award-winning management group has been developing, building, marketing, and operating upscale senior-living communities across the United States. By leveraging its innovative "Experiential Living" philosophy across a growing portfolio of more than 15,000 existing homes or homes under development, Discovery Senior Living is a recognized industry leader for lifestyle customization and, today, ranks among the 10 largest U.S. senior living operators and providers. Additional information is available at www.discoveryseniorliving.com.
About Lee Equity Partners
Lee Equity Partners, LLC is a New York-based private equity firm that partners with successful management teams to build companies with strong growth potential. Lee Equity targets equity investments of $50 million to $150 million in middle-market control buyouts and growth capital financings in companies with enterprise values of $100 million to $500 million that are located primarily in the United States. The firm invests within three distinct sectors, healthcare services, financial services, and business services, where the team has developed deep relationships over decades. Additional information is available at www.leeequity.com.
About Coastwood Senior Housing Partners, LLC
Coastwood Senior Housing Partners, LLC is an investment firm led by Daniel A. Decker that specializes in seniors housing and related services. The Coastwood partners have extensive investment experience in the senior housing and healthcare services industries, including investments in Omega Healthcare Investors (OHI), Sunrise Senior Living, and Sentio, as well as board experience in a variety of publicly owned and private healthcare service companies.
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