Assisted Living Concepts, Inc., a Menomonee Falls-based operator of 210 senior living residences in 20 states, has entered into a definitive agreement to be acquired by a private investment firm.
It will be being acquired by Texas-based private-equity firm TPG for $278 million.
“We are very pleased with the transaction,” said Mr. Mel Rhinelander, chairman of the Special Committee, in a release. “The acquisition represents a significant premium for our shareholders, and we also believe that TPG will help continue ALC’s focus on high quality service and care for our residents.”
The company has been losing money and endured a difficult year after it fired its chief executive officer when several states found a series of violations in ALC locations, reported the Milwaukee Journal Sentinel.