Capital Senior Living Announces Closing Of Financing Transaction With Conversant Capital
Names New Board of Directors
Company to be Renamed Sonida Senior Living and Will Trade on the NYSE Under Ticker “SNDA”
DALLAS, November 03, 2021—-Capital Senior Living Corporation , a leading owner-operator of senior living communities across the United States, today announced that it has closed the previously announced financing transactions with Conversant Capital and has raised a total of $154.8 million, including aggregate gross proceeds of approximately $34 million from the common stock rights offering.
With the closing of the transaction, the Companys Board of Directors has been reconstituted. Noah Beren, Benjamin Harris, Dave Johnson, Max Levy, Shmuel Lieberman and Elliot Zibel will join the Board, effective immediately. Philip Brooks, Jill Krueger and Kimberly Lody will continue to serve as directors. Dave Johnson will serve as Chairman of the Board.
“We are very excited to close the transaction and to usher in the next phase of the Companys stabilization and growth,” said Michael Simanovsky, Founder and Managing Partner of Conversant. “We believe that Capital Senior Livings management, together with the refreshed Board of Directors, combines the cross disciplinary skill set needed to support the Company in delivering best-in-class care for its residents while creating long-term value for its investors as it pivots from defense to offense and growth.”
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Capital Senior Living Changes Name To Sonida Senior Living
Company will now trade on the New York Stock Exchange under the ticker symbol SNDA
DALLAS—-Capital Senior Living Corporation, a leading owner-operator of senior living communities and services, announced today that it has officially changed its name to, Sonida Senior Living. The Companys common stock will continue trading on the New York Stock Exchange under its new ticker symbol SNDA.
The name Sonida is a blend of sonata a long piece of music usually made up of several partsand vida, or life. The new tagline is Find your joy here, which expresses the important role the Companys 75 senior living communities play in the lives of residents. The Companys website is now at sonidaseniorliving.com and its social media profiles have the name Sonida Senior Living. Prior to the name change, the Company updated its visual style to be more vibrant and inviting, better reflecting the welcoming, lively atmosphere of its communities. In 2020, the Company launched a new website that includes the updated brand elements and showcases resident life at its communities.
The Company timed the name change to coincide with the recently closed investment from Conversant Capital that raised a total of $154.8 million, including aggregate gross proceeds of approximately $34 million from the common stock rights offering.
About Sonida Senior Living
For more information, visit www.sonidaseniorliving.com or connect with the Company on , or .
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As a leader in senior living development, LCS Development, An LCS Company, has been solely dedicated to the design and development of senior living communities since 1971. LCS Development is a full-service third-party developer specializing in master planning, new development and redevelopment, with in-house expertise ranging from master planning to construction management, marketing and sales, finance and more.
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Our Purpose Is Simple
We want to make today great! Were not about lofty ideals or grand statements, were about people people who work from the heart and simply want to make your day great.
We build and operate spectacular properties, but at the end of the day, we believe a great company is built with more than just bricks and mortar its built with great people who share a passion for Making Today Great!
We’re located across Ontario and still growing. Check out which location is right for you!
Capital Senior Living Corporation Headquarters & Corporate Office Address Located In The State Of United States At The City Of Dallas Capital Senior Living Corporation Is The One Of The Leading Companies In Its Field Capital Senior Living Corporation Phone 800
Capital Senior Living Corporation Corporate Phone Number What is Capital Senior Living Corporation Corporate Phone Number?Capital Senior Living Corporation phone number where you can speak to the head office, executive team and the different department is
Contact Capital Source Bank headquarters using the phone number 800-635-1232. You will be automatically directed to the right department you need: Capital Source Bank HR, Capital Source Bank CEO, VPs, Complaints, Legal, Customer Support, Finance, Legal, Sales, Marketing, Operations & Logistics and all other departments.
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Capital Senior Living Corporation Headquarters & Corporate Office Address Where You Can Send Official Mail Is:
Capital Senior Living CorporationTX 75254United States
For nationwide health worldwide the ours of business where your calls will be answered at the Capital Senior Living Corporation headquarters may change by the orders given by the authorities of TX United States health department. These instructions may change and you need to track the announcement and the Capital Senior Living Corporation website at the address: www.capitalsenior.com as well as checking the official authorities information. Another option is to contact one of the in-charge Capital Senior Living Corporation executive, Lawrence Cohen, CEO at the email address:
Need information about Capital Senior Living Corporation Headquarters & Corporate Office: Capital Senior Living Corporation Address, Corporate Number, Fax, HR etc. This website will provide with this information and is getting updated as soon as new information is published (Customer Service, Customer Support, Corporate Offices, Contacts, Address, Human Resources, HR, HQ and additional information.
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Capital Senior Living Corporation
Company Perspectives:
Capital Senior Living Corporation is committed to providing quality h ousing and services based on the highest standards of excellence in t he industry. Our goal is to enrich the daily lives of our senior resi dents by providing an environment that stimulates them physically, me ntally, and emotionally. Therefore, each community offers a relaxed a tmosphere of warmth and caring that promotes companionship among resi dents and staff. Each community’s employees are personally committed to serving residents and treating them with dignity and respect.
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Spring Living Retirement Communities
We offer flexible lifestyle options in a safe, secure, and inviting home like setting designed to meet the evolving needs of residents. We provide enriching activities, nutritious customized dining, and many opportunities for personal growth.
Our 10 locations across Ontario are ready to provide you with the best customized service packages that will meet your immediate and future preferences and needs
History Of Capital Senior Living Corporation
Capital Senior Living Corporation is a leading operator of residentia l communities for seniors, primarily aged 75 and over. It runs more t han 40 communities in 20 states with a capacity of about 7,000 residents, most of whom live independently. Meals, housekeeping, and transportation are avai lable. The company also offers assisted living services, making it po ssible for residents to “age in place” as their needs change without having to move to different facilities.
Origins
Dallas-based Capital Senior Living Corporation has been involved in the senior housing industry since 1990. Indep endent living and assisted living developments bridged a gap between traditional housing and nursing homes. Beyond mere residences, these communities provided meals and transportation. Capital originally foc used on the younger, more active seniors of the independent living ma rket. Annual revenues were about $20 million in the mid-1990s.
Jeffrey L. Beck and James A. Stroud were the group’s cofounders and c ochairmen. Beck also served as CEO while Stroud was chief operating o fficer. Each would head an industry trade group.
1997 IPO
The company listed on the New York Stock Exchange on October 31, 1997 , raising $130 million. The initial public offering was car ried out in spite of a 554-point dip in the market just days before. The company’s track record, profitability, and niche were key selling points, Beck told the Dallas Business Journal.
Late 1990s Shake-Up
2000 and Beyond
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Capital Senior Living Rebrands To Sonida Maps Future Strategy After $1548m Infusion
After raising $154.8 million in transactions with Conversant Capital, one of the few publicly traded U.S. senior living operators is not just starting a new chapter but a whole new book with a new name.
Dallas-based Capital Senior Living is rebranding to Sonida Senior Living, the company announced Wednesday. When the name change officially takes effect on Nov. 15, the company will trade on the New York Stock Exchange under the symbol SNDA.
Also on Wednesday, the Conversant deal closed and new members joined the Sonida board, marking the official end of a saga that involved months of conflict with shareholder Ortelius Advisors.
After initially announcing the deal with Conversant, multiple shareholders provided constructive feedback that ultimately resulted in amended transactions at more favorable terms, Sonida CEO Kimberly Lody told Senior Housing News.
And despite the public battle that involved sometimes harsh rhetoric, Ortelius consistently expressed excitement about the future prospects of the company and the senior living industry, she emphasized, saying that Sonida looks forward to a constructive relationship with Ortelius moving forward.
Were glad to be on the other side of it, Lody said of the transaction closing. Now we can focus on the next book not just the next chapter but the next book.
Let Our Experience Be Your Best Investment
As an owner, operator and developer of senior living communities, LCS Real Estate knows the industry inside and out. Our wealth of experience and connectivity to capital relationships allows us to connect investor partners with unique opportunities and source deal flow.
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