GROUPE SÉLECTION UNDERGOES FINANCIAL RESTRUCTURING TO PURSUE GROWTH

This temporary measure will have no impact on the operations and services offered to residents

LAVAL, QC, Nov. 14, 2022 /CNW Telbec/ - Groupe Sélection filed an application today under the Companies' Creditors Arrangement Act. This process will allow for a financial and operational restructuring to pursue the growth plan and the development of services that have been promoting the well-being and health of residents for 30 years. Moreover, this financial restructuring process will have no impact on the operations of our complexes and residences and is mainly aimed at the construction and development divisions and certain management companies of the group. 

Groupe Sélection is confident that this avenue will help mitigate the impacts of the pandemic, inflation and the successive increases in interest rates in recent months, which have had significant effects on our business and our development projects. Our priority is to maintain the quality of services offered to our residents and tenants. With this approach, we want to leverage our expertise more than ever and help our seniors, residents, tenants and employees maintain an active and healthy life.  

"Groupe Sélection has been a proud Quebec company for over 30 years. Like many, the pandemic has led us to take up important challenges to save lives, while continuing to innovate to increase the well-being and quality of life of our intergenerational clientele. Through this process, we want to pursue our social mission of prolonging the autonomy of seniors and promoting the maintenance of an active and healthy life for our residents. This procedure has nothing to do with a bankruptcy. On the contrary, this situation is temporary and will allow Groupe Sélection to continue to invest in health and remain a leader in economic development in Québec" states Réal Bouclin, Founding President and Chief Executive Officer of Groupe Sélection. 

Groupe Sélection is a Canadian leader in the creation and management of living environments where all generations can gather and flourish. With over 30 years of unprecedent growth, Groupe Sélection is the largest privately owned retirement community in the country. Groupe Sélection innovates through its forward-thinking intergenerational vision and unique vertically integrated structure. These assets are the pillars of its geographic expansion and the diversification of its real estate products for youth, families and retirees. Today, Groupe Sélection has more than 70 apartment complexes in operation, under construction and under development in Canada and the United States, with assets in Excess of $ 5 billion. Headquartered in Laval, Groupe Sélection employs over 5,000 people who work every day for the well-being of some 15,000 customers with an exceptional satisfaction rate of 95%. 

SOURCE Groupe Sélection