Potomac Homes Announces New Ownership and Plans for Expansion and Capital Improvements
By Mel Fabrikant Thursday, August 19, 2010, 01:49 PM EDT
Group of 12 Residential Care Facilities on Solid Financial Ground
Potomac Homes, the pioneer in residential living for seniors with Alzheimer’s and other dementia-related illnesses, today announced the appointment of a new operator following the close of the sale of the ownership interests in its 12 facilities in northern New Jersey. The new operator has retained the entire existing staff, including longtime CEO Ben Pearce.
Pearce said the new operator and ownership solidifies the financial position of the company and will allow Potomac Homes to expand, while providing the best possible care for residents.“This is a very positive development because the cloud of uncertainty is removed, and our residents and their families can feel 100 percent secure in knowing that we are on solid financial ground,” Pearce said. “In fact, plans are already underway for renovations and expansion.”
The new owner of the real estate is an affiliate of the prior lender and is affiliated with a private investment fund managed by ValStone Partners, a private equity investment firm with significant experience in the senior living industry.
Based in Ramsey, N.J., Potomac Homes operates 12 Alzheimer’s and dementia care facilities occupied by no more than 15 residents in each. The intimate setting provides a nurturing and comfortable environment for those suffering from Alzheimer’s and dementia-related illnesses. The homes stand apart from larger institutional settings by providing the freedom and the feeling of home along with outstanding support and care.
In the coming months, Potomac Homes plans new capital improvements, such as refreshing and remodeling kitchens, and adding other new amenities.
Added Pearce, “The transaction allows us to grow the company and provide the best in care for our current and future residents. In the next 15 years, as the population ages, there will be an burgeoning need for our services and we will be ready to meet them.”
Affiliates of other investment funds managed by ValStone Partners hold interests in over 20 senior living facilities nationwide, including assisted living, independent living, skilled nursing and adult care group homes totaling over 2,200 beds.
Potomac Homes, the pioneer in residential living for seniors with Alzheimer’s and other dementia-related illnesses, today announced the appointment of a new operator following the close of the sale of the ownership interests in its 12 facilities in northern New Jersey. The new operator has retained the entire existing staff, including longtime CEO Ben Pearce.
Pearce said the new operator and ownership solidifies the financial position of the company and will allow Potomac Homes to expand, while providing the best possible care for residents.“This is a very positive development because the cloud of uncertainty is removed, and our residents and their families can feel 100 percent secure in knowing that we are on solid financial ground,” Pearce said. “In fact, plans are already underway for renovations and expansion.”
The new owner of the real estate is an affiliate of the prior lender and is affiliated with a private investment fund managed by ValStone Partners, a private equity investment firm with significant experience in the senior living industry.
Based in Ramsey, N.J., Potomac Homes operates 12 Alzheimer’s and dementia care facilities occupied by no more than 15 residents in each. The intimate setting provides a nurturing and comfortable environment for those suffering from Alzheimer’s and dementia-related illnesses. The homes stand apart from larger institutional settings by providing the freedom and the feeling of home along with outstanding support and care.
In the coming months, Potomac Homes plans new capital improvements, such as refreshing and remodeling kitchens, and adding other new amenities.
Added Pearce, “The transaction allows us to grow the company and provide the best in care for our current and future residents. In the next 15 years, as the population ages, there will be an burgeoning need for our services and we will be ready to meet them.”
Affiliates of other investment funds managed by ValStone Partners hold interests in over 20 senior living facilities nationwide, including assisted living, independent living, skilled nursing and adult care group homes totaling over 2,200 beds.
