Assisted Living Concepts Inc (ALC) is an operator of assisted living facilities with subsidiaries operating more than 200 facilities. Today, the company announced the completed acquisition deal by TPG, a global private investment firm. TPG was founded in 1992 and holds around US$56.7 billion assets under its management.
Last May 16, ALC shareholders voted in favor of the acquisition deal. The terms of the merger agreement stipulated that ALC stockholders would receive US$12 in cash per share piece of Class A common stock. Those stockholders who hold Class B stock would receive US$12.90. As a result of the transaction, ALC's stock would no longer be listed for trading on the NYSE.
Following the completed acquisition transaction, the company announced the appointment of its new CEO, Jack R. Callison. He succeeded the former Interim CEO, Dr. Chip Roadman as he filed for retirement. Callison holds almost 20 years of experience both in public and private senior housing and multifamily industries.
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