The Tanbic Company Finds Momentum In Senior Housing Space
May 23, 2017
For private equity to find success in today’s competitive marketplace, they must sharpen their game. Specifically, by becoming more proactive in selecting their operating partners.
Scottsdale, AZ-based The Tanbic Company has partnered with the renowned senior living operator, The Parsons Group, headquartered in Santa Barbara, CA. Over the last year and a half, The Tanbic Company has been soliciting The Parsons Group. “It is not the ordinary course of business where the equity pursues the operator. Typically, the operators are pursuing the equity group,” says The Tanbic Company’s Founder and CEO, Tanner Bickelhaupt.
While Tanbic certainly sees its share of “good deals” from operators all over the country, Mr. Bickelhaupt notes that the vast majority of investment opportunities presented to the firm do not understand that care is the single most important component to achieving any real returns. When The Tanbic Company first began researching The Parsons Group and visiting many of the properties within the Parsons portfolio, Tanbic took immediate notice that the residents and staff were the biggest amenities. Mr. Bickelhaupt jokes that after the first visit, he could not recall what kind of countertops, flooring or lighting the property had, which are usually tour highlights when scouting out a property. Mr. Bickelhaupt mentions, “upon my initial visit, I remember thinking that I did not see any residents in their rooms. Everyone was out in the common areas and it was apparent that life was being lived.”
Tanbic and Parsons recently closed their first venture together. Parsons House Frisco is a 64-unit assisted living facility located in the heart of Frisco, TX. Robert Parsons, CEO of Parsons Group, Inc. states “we are excited about our partnership with Tanbic and to work with the seniors of Frisco. It is a delight to provide care, a vibrant community, and share our culture with each resident and their families.”
The Tanbic Company provided both the equity and the debt through its accredited investor partners. Tanbic and Parsons are looking to continue their partnership and are actively seeking acquisition opportunities throughout California and Texas.