Two Florida-based senior living operators, AgeWell Living based in North Palm Beach FL and Solvere Living based in St. Petersburg, have merged as of January 1, 2023 to create a combined company with 19 communities with approximately 2,400 total units under management in seven states, with five more under construction to open by summer 2023. The merger brings together a management team of seasoned industry veterans with decades of experience. The new company name is AgeWell Solvere Living.
Larry Landry remains the Chairman of the new combined company and David Mills remains President and COO. Mark Lichtenwalner, former CEO of AgeWell and Kristin Kutac Ward, former CEO of Solvere are dividing leadership duties as Co-CEOs. Lorie Dancy, formerly with Solvere for over eight years, remains Chief Wellness and Compliance Officer. Anne Stuart will join AgeWell Solvere Living as its Chief Financial and Administrative Officer at a future date. Rich Gordon, formerly with Solvere, will remain as Senior Vice President of Sales and Marketing
The current communities of each company have their own brands, identities and different owners, so these will remain the same within the combined AgeWell Solvere Living portfolio. The greater change, however, is that there will be more resources to drive success. Chairman Larry Landry has stated “I’m very positive about this merger. In addition to providing more competitive resources for our owners and communities, the merging companies share strong culture and values which supports residents and team members.”
Solvere CEO, Kutac Ward explained her reasoning in approaching AgeWell about the merger. “Being a small operator in the current environment can be challenging, given rising costs for expenses such as insurance and home office wages. Moreover, expectations for detailed owner reporting and required cash management resources are increasing, especially for new developments and communities in lease-up. Together we can better meet these various challenges. AgeWell Living has a strong and dedicated ownership team with the same values and wellness philosophy upon which Solvere was founded over 10 years ago. Our combined team is what will drive success now and in the future as the senior living industry continues to evolve and adapt.”
AgeWell CEO, Mark Lichtenwalner offered the following comments: “We have known Kristin for over 15 years and have always been very impressed with her sales and marketing expertise and the results that Solvere has achieved. The more we discussed the idea of merging the two companies, it was clear to us that the companies would be much stronger together than they are apart. The combined AgeWell Solvere Living team will be better positioned to deliver exceptional customer service and state-of-the-art care management for residents, provide attractive career opportunities for team members, and achieve financial success for owners. The synergy here is tremendous!” In terms of plans for future growth, AgeWell Solvere Living intends to identify opportunities as a co-investor in new-build rental communities which offer a full continuum of independent, assisted living and memory care services. The Company will also continue to provide pre-development and full-service third-party management services to owners. The updated website, AWSLiving.com, is currently under construction, but you can visit their splashpage to learn more about the merger and to access both companies’ information after January 15th.