Kisco and Balfour Announce a Transaction
CARLSBAD, Calif., Oct. 13, 2023 /PRNewswire/ -- Balfour Senior Living, based in Louisville, Colorado and Kisco Senior Living based in Carlsbad, California, announced today their transaction wherein Balfour becomes an affiliate of Kisco. Andy Kohlberg, the CEO and Founder of Kisco and Michael Schonbrun, the CEO and Founder of Balfour along with Co-Founder and General Counsel Susan Juroe, broke the news in a joint statement today.
Since their founding 30 years ago, the two luxury senior housing companies have followed parallel paths, focusing on meeting the needs of discerning seniors. Privately held, featuring a rental continuum of care, typically including independent living, assisted living and memory care in highly desirable residential neighborhoods, the combination of the two companies will be geographically complimentary. Balfour has historically focused on Colorado where it operates nine communities with a recent market expansion bringing it to Ann Arbor, Michigan and with new projects coming into Washington, D.C., and Boston. Kisco manages 25 communities, primarily in California and North Carolina with other operating properties in Utah, Hawaii, Florida, and Virginia and a new building nearing completion in Gaithersburg, Maryland. After the transaction, the two companies will have a combined 35 communities with over 5,000 apartments.
Andy Kohlberg will serve as the CEO of the companies with Michael Schonbrun serving as a strategic advisor for the Balfour Communities. The companies will continue to operate under their distinct brands ensuring continuity for residents and staff alike. Discussions about a possible transaction have occurred over the past several years. "We are excited to complete this effort which will bring new capabilities, resources, and greater geographic coverage," said Kohlberg. Balfour's Schonbrun and Juroe expressed enthusiasm for the deal, saying, "The two companies share a demonstrated commitment to outstanding design, superior life enrichment programs, high end dining and a dedicated service-oriented staff. It's a synergistic combination." Schonbrun continued, "We could not be more proud of the company we have built, and which we believe will only continue to thrive under Andy and his team's astute leadership."
The dedication of both firms to excellence is reflected in their high ratings in the recent standings in the recent U.S. News and World Report rankings for senior housing communities.
To ensure a seamless transition, the Balfour management team will continue to operate out of their Louisville, Colorado office while Kisco will remain based in their Carlsbad, California office.
CS Capital Advisors served as financial advisor to Balfour for the transaction.
SOURCE Kisco Senior Living
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