It has been announced that Signature Senior Lifestyle, a UK developer and operator of premium senior care and nursing homes has been acquired by Revera Inc., a Canadian-based owner, operator and investor in the senior living sector. Revera and Signature have enjoyed a close working relationship since 2015, when Revera partially funded an MBO, by the then current management team.
This acquisition cements a very beneficial partnership, providing Revera with a UK platform from which to expand, and Signature with the backing of a secure long-term owner and investor. Signature develops and operates bespoke luxury care-homes and presently operates 10 open homes with a further 3 under construction and a pipeline of other projects, all in and around London and the Home Counties area. Revera owns or operates in excess of 500 senior living sites in Canada, the US and the UK and both feel their vision for future growth and each company’s individual values, are perfectly aligned.
Signature’s senior management team remains with the company and continues to drive both strategy and operational excellence. The acquisition has led to a number of role changes, with Tom Newell now becoming the Chair of the Executive Board in the UK, Aidan Roche will become CEO, Tom Ball will become Chief Financial Officer, while Wayne Pryce continues to lead overall Development and Construction.
Thomas Wellner, President and CEO of Revera Inc. said, “This announcement gives us an opportunity to increase our presence in the UK, which is experiencing accelerated growth in the senior living market, with the over 85 age group projected to almost double by 2036. This acquisition reflects our commitment to this sector not only in Canada, but in key growth markets. The United Kingdom, with our shared history and values, offers strategic alignment as well as strong growth potential.”