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Private Equity:
TPG Pays $278M for Assisted Living Concepts

Assisted Living owns 210 senior living residences in 20 states

By ALLISON COLLINS
February 26, 2013

Private equity firm TPG is buying Assisted Living Concepts Inc. (NYSE: ALC) for about $278 million.

The purchase price works out to $12 in cash for each share of Class A common stock and $12.90 per share for Class B common stock.

Assisted Living, headquartered in Menomonee Falls, Wis., owns 210 senior living residences in 20 states.

Fort Worth, Texas-based TPG was founded in 1992 and has about $54.5 billion in assets under management.

Citigroup Global Markets Inc. acted as financial adviser to Assisted Living’s special committee of the board of directors, while Cravath Swaine & Moore LLP acted as legal counsel. Goldman Sachs & Co. (NYSE: GS) acted as TPG’s financial adviser, and Skadden Arps Slate Meagher & Flom LLP provided legal advice.

 

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