WOODBINE, Iowa — Lument Securities has advised Sherer Management, a multi-generational seniors housing and care owner and operator based in Woodbine, on the sale of two businesses as well as the company’s exit from the seniors housing industry.
Sherer Management is a family-owned business that operated continuing care retirement communities in western Iowa, Rose Vista in Woodbine and Longview Home in Missouri Valley, which offer skilled nursing, assisted living and independent living services, in addition to hospice services through Generations Hospice. The company operated the communities for over 60 years.
“The decision to sell our family business was very difficult and emotional, but we are confident this was the best path forward,” says Noel Sherer, president of Sherer Management.
Lument ran a targeted marketing process and assisted the sellers in navigating multiple factors impacting the process, including COVID-19. A regional operator partnered with a private capital provider to purchase the businesses. Terms of the transaction were not disclosed.
Kevin Laidlaw and Dominic Porretta led the transaction for Lument Securities, which served as exclusive financial advisor to Sherer Management in connection with the transaction. Dorsey & Whitney served as legal counsel to Sherer Management.