Canada's Revera partners in buy of KKR-backed manager of Sunrise Senior Living
U.S.-based Health Care REIT Inc (NYSE: HCN) has agreed to recapitalize the management company of Sunrise Senior Living LLC. Upon the deal's closing, Health Care REIT will own a 24% stake in the McLean, Va.-based Sunrise, while Revera Inc, a Mississauga, Ont.-based provider of seniors' accommodations, care and services, will own the remainder. Financial terms of the transaction were not published. Health Care REIT and Revera are acquiring their interests from U.S. private equity firms Kohlberg Kravis Roberts, Beecken Petty O'Keefe & Co and Coastwood Senior Housing Partners. That investor group and Health Care REIT bought Sunrise's management business for US$130 million in 2012.
13 February 2014•4 mins read
