CRL Senior Living Communities' execs become major shareholders
CRL Senior Living Communities, which operates 16 independent and assisted living residences in the Midwest, announced that CRL president and CEO Ari Weinberger and new chairman Douglas Cameron have collectively acquired a majority stake in the company.
Weinberger, who became the organization's president in 2009, said the equity investment will help CRL accelerate its recent growth and drive further innovation within its unique senior care model.
"I strongly believe CRL is offering something unique within the senior living market, which is what first attracted me to the organization," said Weinberger, who worked in real estate investment banking for the health care and senior living markets before joining CRL. "Our team is committed to building on the superior care and innovative approach that have been the company's hallmarks from the beginning."
With main offices in Chicago and Neenah, Wis., CRL offers independent living, assisting living and Alzheimer's/memory care communities known for their Stimulation Pillars that emphasize the social, physical and nutritional needs of residents.
The organization, which was previously owned by the family of founder Dr. A.I. Anbar, has experienced rapid growth in recent years, adding 10 new or acquired communities since 2008. While most of its existing communities are located in Wisconsin, CRL plans to become a leading provider in the Chicago area in the coming years. Its third Chicagoland community, North Grove Manor Alzheimer's/Memory Care and Assisted Living in Morton Grove, Ill., is scheduled to open this fall.
"The number of Americans over age 65 is on the brink of exploding, and we foresee a corresponding surge in demand for senior housing, including communities with special expertise in Alzheimer's care," said Cameron. "CRL's quality management team and holistic approach to wellness put the organization in a great position to benefit from this trend."
Cameron has more than 30 years of experience helping large institutional property owners with acquisitions, financing and the sale of their properties. He spent several years with JMBRealty before founding the Chicago-based boutique real estate investment-banking firm HIG and eventually launching Gryphon Senior Living in 2008.
The equity investment will not affect existing leases or have a direct impact on new contracts going forward, Weinberger said. "We have a terrific team in place that has kept the organization in a strong financial position," he added. "This investment will enable continued growth through new construction of properties and strategic acquisitions."
About CRL Senior Living Communities
At CRL Senior Living Communities (www.crlcares.com), it is the company's mission to provide new standards of therapeutic excellence in senior living by providing the best in healthcare, through consistently blending nutrition, spiritual, mental and physical stimulation in an environment rich with safety, comfort, activities and a nurturing atmosphere.
With offices in Neenah, Wis., and Chicago, Ill., CRL Senior Living Communities specializes in operating and managing state-of-the-art senior care residences that deliver the highest standard of care in specially designed therapeutic environments. The company meets the needs of seniors with independent living, assisted living and Alzheimer's/memory care communities. CRL currently owns and operates 14 communities in Wisconsin – including residences in Neenah, Oshkosh, Sheboygan, Sheboygan Falls, Menomonee Falls,Waukesha, Kenosha, Greenfield, Green Bay, DeForest – and two in McHenry, Ill.
Contact:
Colin Hutt
414.765.2311
colin@primumagency.com
