LOUISVILLE, Colo., and CARLSBAD, Calif. — Balfour Senior Living, based in Louisville, has become an affiliate of Kisco Senior Living, based in Carlsbad. 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.
Since their founding 30 years ago, the two luxury seniors housing companies have followed parallel paths. The combination of the two companies will be geographically complementary, according to Balfour and Kisco executives. The new entity will be privately held, featuring a rental continuum of care, typically including independent living, assisted living and memory care in highly desirable residential neighborhoods.
Balfour has historically focused on Colorado where it operates nine communities. The company recently expanded into Ann Arbor, Michigan, and has 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 own and/or manage a combined 35 communities with over 5,000 units.
Kohlberg will serve as the CEO of the companies with Schonbrun serving as a strategic advisor for the Balfour communities. The companies will continue to operate under their distinct brands.
“This effort [will] bring new capabilities, resources and greater geographic coverage,” says Kohlberg.
The Balfour management team will continue to operate out of its Louisville office while Kisco will remain based in its Carlsbad office.
CS Capital Advisors served as financial advisor to Balfour for the transaction.