Revera buys Signature Senior Lifestyle
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 had a close working relationship since 2015, with Revera partially funding a management buyout of Signature.
Revera president and chief executive Thomas Wellner said the acquisition of Signature cemented 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.
“This acquisition 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,” said Mr Wellner.
“It 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.”
Signature develops and operates bespoke luxury care-homes and presently operates 10 open homes with a further three 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 becoming chair of the executive board in the UK, Aidan Roche will become chief executive, Tom Ball will become chief financial officer, while Wayne Pryce continues to lead overall development and construction.
Signature Senior Lifestyle was established in 2006 and originally funded by private equity investment. In 2015 the senior management team went through an management buyout jointly funded by Welltower and Revera with the objective of underpinning a future growth platform for premium senior living development.