Kandu Capital, LLC And Its Operating Company Bloom Senior Living Expand In Indiana And Acquire Assisted Living And Memory Care Community In Kokomo From Capital Senior Living Corporation
BIRMINGHAM, Mich.–(BUSINESS WIRE)–Kandu
Capital, LLC and its operating company, Bloom
Senior Living, announced today that it acquired a new senior
living community in Kokomo, Indiana from a subsidiary of publicly traded Capital
Senior Living Corporation (NYSE: CSU). With this acquisition,
Bloom continues to expand its diversified, growing portfolio of
Independent Living, Assisted Living and Memory Care communities
throughout the United States.
Inspired after the principals experienced the challenge of finding the
right home for their grandmother when she began suffering from
Alzheimer’s, Bloom offers a modern, lifestyle approach to healthcare
that caters to the needs of each individual. Entering a Bloom community
does not mean checking your lifestyle or personality at the door. For
nearly 50 years, Bloom’s mission has
been simple yet aspirational: to help its residents flourish. Residents
continue living full lives by enjoying their favorite activities while
discovering new ones, and blooming into their best selves through
learning, growth and discovery.
With this differentiated mission, Bloom identifies properties that can
be re-positioned to be consistent with its approach. Scott
Kantor, Bloom’s Director of Operations, indicates that “While
the community was previously owned by a national provider and has been
the premier provider of Assisted Living and Memory Care services in the
Kokomo market, we have a well-defined plan to ensure the community is
consistent with our unique ‘family owned and operated’ operating style,
mission, Bloom Beliefs, culture and brand.” As part of this process, the
community name has been changed from The
Wellington of Kokomo to Bloom
at Kokomo. Mr. Kantor adds, “Bloom intends to build upon its
stellar reputation in Indiana and incorporate its Five Star Customer
Service Experience, Five Star Dining Program, signature Life Enrichment
Program and specialized Memory Care program, as well as provide
personalized service, superior resident-centered health care and those
hundreds of personal touches that make our family owned communities so
special.” Mr. Kantor further reports, “While this asset is in excellent
physical condition, Bloom intends to further enhance the lives of our
staff and residents by making the community an even better home.” Bloom
will also continue to offer a full continuum of care (licensed by the
state of Indiana), so residents can age in place as they require more
care.
Bradley
Dubin, Bloom’s Director of Acquisition, states, “This
acquisition follows our strategic approach of selectively acquiring and
managing well-located, value-add communities that fit within our
existing portfolio.” Mr. Dubin adds, “Kokomo, nicknamed the ‘City of
Firsts’ for its significant number of technical and engineering
innovations particularly in automobile production, has become – in
recent years following the recession – one of the nation’s fastest
growing economies. In fact, Forbes listed Kokomo as one
of the ‘Best Cities for Jobs’ and described the City’s success during
the past few years as ‘inspirational,’ attributing the turnaround to a
revival in manufacturing.” Accordingly, “We are thrilled to make a
significant investment in Kokomo and add 78-units (consisting of
58-units of Assisted Living and 20-units, or 37 beds, of Memory Care) in
this stable market which not only has strong demographics and an
increasing demand for high quality care, but complements our existing
Indiana assets less than one hour away,” reports Mr. Dubin.
In that vein, Bloom presently owns and operates two licensed Assisted
Living and Adult Day Care communities on the east and west sides of
Indianapolis, Bloom
at German Church and Bloom
at Eagle Creek; and has one of the strongest local
leadership teams in the state led by Bloom’s Area Director James
Kesler. Bloom’s current Indianapolis communities benefit from
near perfect customer and associate satisfaction, little associate
turnover, near perfect state surveys and consistent occupancy between
98%-100%. According to Mr. Kesler who has been with the Company –
leading the Indiana region – for nearly a decade, “We intend to take our
proprietary ‘Bloomprint’ that has made our Indianapolis communities so
successful and duplicate it in Kokomo. With a total of 189-units in the
Indianapolis and Kokomo markets, Bloom can now offer families a variety
of Assisted Living, Memory Care and Adult Day Care options throughout
the state with a mission of helping residents bloom.”
Tony
Kantor, Bloom’s Director of Finance, reports, “The community was
purchased for $5,000,000. Our family continues to acquire exceptional
assets at reasonable valuations, which permit us to create long term
value while providing best in class care and service to our residents at
intentionally affordable pricing. This acquisition strategy is
consistent with our mission of being able to help seniors bloom by
affording to live longer better.”
Tim Cobb of Berkadia, a Berkshire Hathaway and Jefferies
Financial Group company, represented the seller and
buyer on this transaction.
About Kandu Capital, LLC & Bloom Senior Living
Kandu is a private family investment company specializing in health care
acquisition. Kandu owns a diversified portfolio of senior living
communities in select markets throughout the United States. Please
visit: http://www.kanducapital.com.
Bloom operates senior living communities for Kandu and provides a
continuum of services including: Independent Living, Assisted Living,
Memory Care, Adult Day and Respite Care in five states: Indiana, Ohio,
Louisiana, South Carolina and Florida. The Bloom family has been
providing personalized service and superior care to seniors, with an
aspirational mission of helping seniors bloom, since 1965. Please visit: http://www.bloomseniorliving.com.
Bloom Senior Living Indiana Locations
| Bloom at Kokomo | Bloom at Eagle Creek | Bloom at German Church | ||||||||
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Assisted Living, Memory |
Assisted Living & Respite Care |
Assisted Living, Adult Day Care & |
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2800 South Dixon Rd. |
5045 West 52nd St. |
2250 Harvest Moon Dr. |
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Kokomo, IN 46902 |
Indianapolis, IN 46254 |
Indianapolis, IN 46229 |
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765-455-2828 |
317-293-2929 |
317-891-1508 |
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Contacts
Bradley E. Dubin
Kandu Capital, LLC / Bloom Senior Living,
Principal
Bdubin@kanducapital.com
James Kesler
Bloom Senior Living, Area Director of Operations
Admin@bloomatkokomo.com