TPG admited that is aware Assisted Living Concepts Inc. needs intensive attention. TPG, one of the world's biggest private equity groups, completed the acquisition of the assisted-living company earlier this month.
Assisted Living Concepts Inc. has, under its control, over 200 real estate properties in 19 states across the US. "The company, however, suffers one of the highest vacancy rates in the industry because it failed to properly invest in people, in training and in technology," Jack Callison said. "You never want to hire people, throw them into the deep end of the pool and hope they can swim." Mr. Callison was brought in by TPG to manage the company this month.
TPG said it plans to make a substantial investment for the company's hopeful turn around. While TPG did not reveal how much it planned to invest, Mr. Callison said Assisted Living Concepts will have a tremendous boost in staff and a significant improvement in sales and marketing in the very near future.
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