MONTREAL, June 3, 2019 /CNW Telbec/ - Le Groupe Maurice, a leader in the design, development and management of state-of-the-art retirement homes in Quebec, is pleased to announce the arrival of Ventas, Inc. as the Company's new financial partner.
Founded almost 20 years ago, Ventas is one of the largest real estate investment trusts (REITs) in the world, with more than 1,200 assets in the United States, Canada and the United Kingdom. Its success is based on the strategic partnerships it establishes with premiere real estate asset managers. Today, Ventas works with over 200 real estate property managers, including many retirement residence managers. As the second largest owner of seniors housing in the United States, and with a significant presence in Canada, Ventas has undeniable expertise in and commitment to seniors.
The values, approach and work ethic of Ventas are perfectly aligned with those of Le Groupe Maurice. The agreement between both entities officially will come into effect during the course of the summer. It will allow Le Groupe Maurice to accelerate its long-term development plan, given the tremendous need for new senior housing complexes across Quebec. "Throughout this process, our priority was to ensure the continuity of our company while maintaining its distinctive brand attributes, the foundation of our success. For these reasons, I am convinced that Ventas is the ideal partner to help us continue to contribute to the quality in aging of thousands of seniors, better meeting their needs and aspirations," said Luc Maurice, the founder and president of Le Groupe Maurice.
The transaction values Groupe Maurice's real estate portfolio at CAD $2.4 billion. "We are delighted to announce this partnership with Le Groupe Maurice, a leading operator in Quebec with a strong portfolio and built-in growth potential from existing and new developments in high-quality, attractive urban markets," said Ventas Chairman and Chief Executive Officer, Debra A. Cafaro. "This transaction enhances and diversifies our leading portfolio and underscores our successful strategy of partnering with best-in-class operators and developers," Cafaro added.
The arrival of Ventas as a financial partner of Le Groupe Maurice comes at the end of term of the agreement with the Ipso Facto investment firm; a partner for over fifteen years. "The financial support of Ipso Facto in recent years, has enabled Le Groupe Maurice to become a leader in the field of retirement residences in Quebec," added Maurice. "It is with great enthusiasm that we begin this new chapter with the arrival of Ventas, a chapter which will allow us to pursue our mission with efficiency and humanity," concluded Mr. Maurice.
Changes, yes. But not in the way we operate.
The agreement with Ventas will not lead to any change in the company's regular operations. Its 36 residences and projects will continue to follow their normal course of business. The current management team will remain in place under the guidance of founder and president, Luc Maurice. All residence teams will continue to provide their clientele with the outstanding quality of services that have earned Le Groupe Maurice its unparalleled reputation and respect among the Quebec public. The company has become, in fact, the benchmark in terms of retirement residences.
National Bank Financial Inc. and the McCarthy Tétrault law firm, respectively, acted as financial advisor and strategic and legal advisor in this transaction.
About Le Groupe Maurice
LE GROUPE MAURICE: IMPROVING THE LIFE OF RETIREES SINCE 1998
A pioneer in the design, development and management of leading edge retirement residences in Quebec, Le Groupe Maurice's mission is to meet, exceed and anticipate the evolving aspirations of its clientele by creating warm and inviting living environments. Its complexes are comforting spaces where every senior can benefit from a unique experience defined by freedom, continuity, choice and the art of living each day to its fullest.
SOURCE Le Groupe Maurice
For further information: Rita Kataroyan, Vice President, Sales and Marketing, Le Groupe Maurice, Cell: 514 241-3440