(Des Moines, Iowa – January 26, 2014) —
LCS® announced today that the company reached an agreement to acquire Portland, Ore, based company Encore Senior Living, LLC. Encore, a senior living management company currently manages nine communities in Arizona, Illinois, Oregon and Utah with one community under development in Chandler, Ariz. Peter Muhlbach, Encore’s principal, and several other key employees will join LCS and continue to manage the communities under the Encore brand. Terms of the agreement were not disclosed other than the effective date of February 1, 2014.
Ed Kenny, president and chief executive officer of LCS said the company acquired Encore as part of its growth and diversification strategies. “Our CCRC business remains an important part of the LCS strategy and we also see great opportunity to be more involved in the assisted living, memory care, and rental markets. Peter has an excellent reputation and we are excited for him to lead our company’s strategic initiative in this area.”
Although the communities’ ownership remains the same, they now have access to additional clinical and business resources not previously available to Encore. “Working with LCS gives our communities access to resources a smaller management company just can’t provide,” said Peter Muhlbach. “We are in a highly-regulated industry that is constantly changing. We need to
quickly prepare for and implement those changes. Having access to LCS resources gives our communities a competitive edge and it helps them be well-prepared for the future.”
The finalization of this agreement marks the culmination of a thorough due diligence process that began in third quarter 2013.
Based in Des Moines, Iowa, and established in 1971, LCS is a leading provider of high-quality senior lifestyle products and services. The LCS Family of Companies focus on strategic planning, development, operations management, and marketing and sales management for continuing care retirement communities (CCRCs) and senior living communities, home health care and companion services, senior living community ownership, insurance, and national purchasing consulting services. The companies of LCS serve over 32,000 residents in 118 communities in 31 states and the District of Columbia. For more information visit LCSnet.com.
About Encore Senior Living, LLC
Encore Senior Living, LLC is one of the nation’s premier operators of senior living communities and a leader in the provision of Alzheimer’s care through its nationally recognized Rediscovery™ Program. Over 1,000 seniors have chosen to call an Encore community their home. The reason for their choice is twofold: caring professional staff who have set service standards unmatched in the industry, and exceptional value. Encore’s “Residents First” approach is committed to meeting the needs of its residents by providing superior services that allow each resident to live his or her life to the fullest through an individualized support program.