Brookdale, Emeritus complete merger
Brookdale Senior Living Inc. and Emeritus Corp. have completed a merger originally announced in February. The combined entity, using the Brookdale name and keeping Brookdale's Nashville, Tenn., headquarters, now has 1,100 communities in 46 states, covering 80 percent of the U.S. population and spanning independent living, assisted living, dementia care, skilled nursing, outpatient therapy, home health and hospice care.
“Our newly combined company will have incredible size and scale in our industry," says Brookdale CEO Andy Smith. "We will begin to leverage this scale to build a national Brookdale brand, create new efficiencies in our operating platform and drive new innovations to serve our residents.”
At the time of the merger announcement in February, the deal was valued at $2.8 billion, including $1.4 billion of Emeritus mortgage debt.
Former Emeritus President and CEO Granger Cobb is now a member of the Brookdale Board of Directors. Cobb had founded Cobbco, Inc., a California-based assisted living company, in 1989. It was acquired by Summerville Senior Living in 1998, and Cobb was president, CEO and director of Summerville from 2000 to 2007 before joining Seattle-based Emeritus. Cobb is active in several industry associations.
“We are delighted to have Granger join our board of directors," Smith says. "Granger’s leadership experience and senior living industry knowledge will be an asset to the board and the company. As the company continues to grow, his insight and rich background will be extremely valuable.”
Topics: Executive Leadership , Housing , Operations