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Ziegler Announces Signed Letter Of Intent For Affiliation Between Friends Homes, Inc. and The Presbyterian Homes, Inc.
  • USA - English


News provided by

Ziegler

May 27, 2014, 16:10 ET

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Chicago, IL (PRWEB) May 27, 2014 -- Ziegler, an investment bank and full service brokerage firm, is pleased to announce that The Board of Trustees of Friends Homes, Inc. (FHI) and the Board of Governors of The Presbyterian Homes, Inc. (PHI) met and agreed to sign a Letter of Intent to consider affiliation with one another. The changing healthcare and regulatory environment as well as incorporating technology in senior living, particularly as it relates to Medicare and Medicaid reimbursement, were some of the primary reasons for consideration of affiliation.

This strategic consideration of affiliation by these two significant, mission-driven organizations is motivated by a vision to assure continued high quality service for their residents long into the future.

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The joining together of FHI and PHI would be a commitment of two strong and respected organizations. Both experience strong market reputation and history, establishing in 1958 and 1952 respectively. Rebecca Neth Townsend, Senior Vice President at Ziegler, commented, “This strategic consideration of affiliation by these two significant, mission-driven organizations is motivated by a vision to assure continued high quality service for their residents long into the future.”

Each not-for-profit is financially strong from an operating standpoint. Both have foundations, endowments, or reserves with substantial assets that would remain restricted or designated to their own communities. Neither organization would be dependent on the other for financial strength.

By joining together, FHI and PHI would create a not-for-profit continuing care retirement organization that would be the leading system in North Carolina and would rank as the 41st largest not-for-profit multi-site continuing care retirement community provider per the LeadingAge Zeigler 100 national listing. The resulting organization would total 1,525 “units” comprised of 1,002 residential accommodations, 225 assisted living accommodations, and 298 skilled nursing beds. Significantly greater than size would be the potential for mission expansion coming out of two strong organizations strategically choosing to join together. The even stronger organization would be well positioned to meet the growing needs of senior adults into the future.

Wilson Sheldon, CEO Friends Homes, stated, “It was essential to have Rebecca and Ziegler as knowledgeable and trustworthy resources to assist us in reaching this significant consideration for our organization.” Tim Webster, CEO Presbyterian Homes, added, “They held us accountable, assuring we continued to move forward with a thoughtful approach and plan.”

FHI operates in accordance with The Religious Society of Friends’ (Quaker) principles so each resident may realize his/her full potential. The mission of PHI and its communities is to provide senior adults with caring and high quality services in support of their physical, intellectual, social, and spiritual well-being. PHI has a covenant relationship with The Presbyterian Church (U.S.A.). Both organizations welcome residents of all faiths. Their missions are inclusive and reflect whole person care including spiritual wellness and high quality.

FHI serves approximately 600 residents and operates two communities in Greensboro, N.C.: Friends Homes at Guilford and Friends Homes West. PHI serves approximately 1,100 residents and is the parent company of three communities: Glenaire in Cary, River Landing at Sandy Ridge in High Point, and Scotia Village in Laurinburg. PHI has a Management Services Office (MSO) in High Point, which houses the CEO, CFO, VP of Operations, VP of Human Resources, Director of IT, and Director of Development. The MSO is structured to extend its resources to additional organizations that would choose to affiliate.

For more information about Ziegler, please visit us at http://www.Ziegler.com.

About Ziegler:

The Ziegler Companies, Inc. (PINKSHEETS: ZGCO) together with its affiliates (Ziegler) is a specialty investment bank with unique expertise in complex credit structures and advisory services. Nationally, Ziegler is ranked as one of the leading investment banking firms in its specialty sectors of healthcare, senior living, religion and education finance, as well as corporate finance and FHA/HUD. Headquartered in Chicago, IL with regional and branch offices throughout the U.S., Ziegler creates tailored financial solutions including bond financing, advisory, private placement, seed capital, M&A, risk and asset management. Ziegler serves institutional and individual investors through its wealth management and capital markets distribution channels.

Certain comments in this news release represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. This client’s experience may not be representative of the experience of other clients, nor is it indicative of future performance or success. The forward-looking statements are subject to a number of risks and uncertainties, in particular, the overall financial health of the securities industry, the strength of the healthcare sector of the U.S. economy and the municipal securities marketplace, the ability of the Company to underwrite and distribute securities, the market value of mutual fund portfolios and separate account portfolios advised by the Company, the volume of sales by its retail brokers, the outcome of pending litigation, and the ability to attract and retain qualified employees.

# # #

Leslie Dunham, Ziegler, http://www.ziegler.com, +1 (312) 596-1646, [email protected]

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