Lifespace Communities, Inc. and Senior Quality Lifestyles Corporation Announce Affiliation Agreement
WEST DES MOINES, IOWA–Lifespace Communities, Inc. and Senior Quality Lifestyles Corporation (SQLC)—two of the nation’s largest non-profit senior living owners and operators—have executed an affiliation agreement. Upon closing, Lifespace shall become the sole owner and operator of three SQLC communities, as well as SQLC’s management company, Seniority, Inc.
In the months that followed the initial exploratory announcement in May 2018, the organizations participated in a due diligence period to assess the mutual benefits, opportunities, risks and challenges that could come from an affiliation.
“This affiliation will deliver tangible benefits and greater opportunities to those whom each organization serves and employs,” said Paula Shives, chair of the Lifespace board of directors. “As a stronger, more diversified system, we can leverage a broader network of resources and talent to provide exceptional services to a greater number of older adults and families. From an operations perspective, this undoubtedly strengthens all of the communities and supports the shared mission of our organizations to celebrate the lives of seniors.”
Three SQLC communities—Edgemere in Dallas, Querencia at Barton Creek in Austin and The Stayton at Museum Way in Fort Worth— will join the Lifespace organization. The other SQLC communities are not included in the agreement.
“As we began this process, it quickly became apparent how similar our two organizations were as to the values we shared and the missions that drove us,’” said Scott T. Collier, chair of the SQLC board of directors. “We want every resident to age with purpose and dignity and every team member to feel valued and empowered in their role. Under the Lifespace brand, I know these communities will continue to flourish and add some Texas flair to an already diverse and successful organization.”
With the addition of the three communities—Edgemere, Querencia and The Stayton—Lifespace will own and operate 15 communities in eight states, including its first communities in Texas. According to the 2018 LeadingAge Ziegler 200, Lifespace was the 11th largest not-for-profit senior living organization in the country, and SQLC was the 31st based on total residences. Upon closing, Lifespace will be among the nation’s top 10 organizations based on the same criteria.
Closing of the transaction will occur after all regulatory approvals have been secured.
Lifespace Communities, based in West Des Moines, is a not-for-profit organization proudly serving older adults for more than 40 years. Founded in 1976, Lifespace Communities currently serves more than 5,000 residents and employs more than 2,800 team members.
SQLC is an Addison, Texas-based non-profit senior living provider. For nearly 20 years, SQLC has offered upscale, carefree living for older adults throughout Texas and Indiana.