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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