SACRAMENTO and SCOTTSDALE, Ariz. — Cogir Management has acquired Cadence Living to form one of the largest operators in the United States. The transaction involves Cogir buying out the shareholders of Cadence.
Both companies have a focus on the West Coast, and the combined total number of units will be approximately 8,000 across nine states. Based on the American Seniors Housing Association’s June 1 numbers, that would make the company the 21st largest operator in the country, between Merrill Gardens and publicly traded Sonida Senior Living.
Cogir Management USA is the Sacramento-based subsidiary of Cogir Services LP, a Montreal-based real estate company operating over 300 properties in Canada including over 70 senior living communities. The U.S. division was launched in 2018 with the acquisition of 12 seniors housing communities in Washington and California and has grown to 25 operating communities with others under development.
Cadence was founded in Scottsdale in 2017 and has since grown to operate 35 communities in nine states, with several additional communities coming on board through development in the coming months.
“What started out as a casual conversation between [Cogir CEO] Dave Eskenazy and I, evolved into what we both felt was an ideal solution for both companies,” says Rob Leinbach, CEO of Cadence. “The more we talked about it and the more we thought about it, the better it fit. We believe that the combined company will have the expertise, culture and foundation to be an industry leader in our space for years to come.”
“The two companies are so complementary,” adds Eskenazy. “As both companies were growing, both had challenges and skill sets that seemed to fill each other’s gaps perfectly. But more than that, as we both learned more about each other’s organizations, it became clear that philosophically we also shared so much in common culturally in the way we feel about our team members and what we believe our residents should experience.”
Cogir will continue to remain headquartered in the Sacramento area with additional offices in Seattle and Scottsdale.
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