Alain Champagne is the new president and CEO of Canadian senior living company and Ventas (NYSE: VTR) partner Le Groupe Maurice, the company has announced.
Champagne, who is currently the CEO of Canadian drug store company Jean Coutu Group, is due to assume his new role in October. He is succeeding current president and company founder Luc Maurice.
As president, Champagne is tasked with executing the company’s business plan and strategy, while also managing its social and environmental mission. Before joining Jean Coutu Group, he was also President of McKesson Canada, and in the past he has held management positions at companies including PepsiCo Canada and Procter & Gamble.
“I sincerely believe that Alain Champagne’s leadership, compassion and proven managerial skills will enable us to pursue excellence while growing the company,” Maurice said in an announcement about the leadership change. “As for me, I now have more time to broaden the scope of our vision while exploring new ways to advance better aging.”
Maurice is slated to stay on as chairman of both the company’s advisory committee and the Luc Maurice Foundation, which is a philanthropic organization that helps support older adults’ health and wellbeing.
Maurice first founded the company in 1998, and in the time since has grown its portfolio to nearly three dozen communities. The company’s latest shift came in 2020, when Maurice struck a major deal with Chicago-based real estate investment trust Ventas. Under the deal, Ventas invested $1.8 billion to acquire an 85% stake in LGM’s real estate portfolio, with Le Groupe Maurice staying on to manage the portfolio.
The company’s portfolio is heavily weighted in favor of independent living, and a typical Le Groupe Maurice community has between about 300 to 400 units, with amenities such as golf simulators, bowling alleys, large fitness centers and indoor and outdoor gardens. Even through the pandemic, the company’s occupancy rates hovered around 90% to 95%.
“This has been a great investment for us, both in terms of the existing operating assets that we acquired, and then the development pipeline,” Ventas CEO Debra Cafaro said during the company’s second-quarter earnings call with investors and analysts earlier this month. “One thing we really like about the developments there is that when they open, they’re already significantly pre-leased.”
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