Canadian care company acquires luxury care provider Signature Senior Lifestyle

A Canadian-based operator in the senior living sector has made a large acquisition in the UK care market, with management says it sees the UK care market as having “strong growth potential”.

Revera Inc has just acquired Signature Senior Lifestyle, a UK developer and operator of luxury elderly care and nursing homes.

The two companies have worked together since 2015, when Revera partially funded a management buyout. It is hoped the acquisition will provide a springboard for Revera in the UK and will also give Signature the backing of a secure long-term investment.

Signature currently develops and operates bespoke luxury care-homes and has a portfolio of 10 open homes with a further three under construction. It also has a pipeline of other projects in London and the Home Counties area.

Revera owns or operates in excess of 500 senior living sites in Canada, the US and the UK. Thomas Wellner, president and chief executive of Revera Inc. said: “This announcement gives us an opportunity to increase our presence in the UK, which is experiencing accelerated growth in the senior living market, with the over 85 age group projected to almost double by 2036.

“This acquisition reflects our commitment to this sector not only in Canada, but in key growth markets. The United Kingdom, with our shared history and values, offers strategic alignment as well as strong growth potential.”

Signature’s senior management team will remain the same, although the sale has led to a number of role changes, with Tom Newell now becoming the chair of the executive board in the UK, Aidan Roche will become chief executive, Tom Ball will become chief financial officer, while Wayne Pryce continues to lead overall development and construction.

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