TPG has closed on previously announced plans to acquire Assisted Living Concepts Inc. (NYSE:ALC), a long-term care (LTC) provider, for $280 million in cash.
TPG, an investment firm once known as Texas Pacific Group, has taken Assisted Living Concepts' stock off of the New York Stock Exchange and appointed Jack Callison Jr. to become the company's chief executive officer.
Dr. Chip Roadman has been the temporary CEO.
Assisted Living Concepts runs 210 assisted living facilities in 19 states. The facilities have about 9,000 residents and employee about 4,500 people. The headquarters office is in Menomonee Falls, Wis.
Callison has been the head of Holiday Retirement Corp. and other large residential organizations.
Avi Banyasz, a TPG partner, said TPG sees Assisted Living Concepts competing in the assisted living care market as a provider of high-quality care.