TORONTO, July 08, 2015 – Cranson Capital Securities Inc. (“Cranson Capital”) is pleased to announce that it has successfully completed a $22,000,000 capital raise for the Points West Living Limited Partnership (“PWL”). 155 investors participated in the offering, enabling the Limited Partnership to acquire a portfolio of state-of-the-art seniors housing residences across Alberta. Cranson Capital worked with Steve Suske, president of Suske Capital Inc. and most recognized as the founder of Chartwell Retirement Residences and Regal Lifestyle Communities, in executing the acquisition. Total consideration for the portfolio was approximately $100 million, including the Cranson Capital offering, an additional $9.8M investment from management and approximately $68M in mortgage financing.
This transaction gives investors a unique opportunity to partner with a management team that has a proven track record of creating significant value for stakeholders. Points West Living Inc. was founded by Doug Mills, Paul Melanson and Georg Rath, who have over 20 years of experience operating seniors housing residences. Their vision, leadership and execution has enabled PWL to become one of Alberta’s leading providers of quality hospitality and seniors care.
Cranson Capital continues to view seniors housing as an attractive asset class for investors. PWL is a great example of a solid seniors housing investment platform. This is a very stable investment with strong growth potential due to favorable demographic trends of an aging population. PWL operates under the Alberta Supportive Living Initiative, a government program that provides funding to develop and operate senior’s housing residences. PWL currently operates 460 suites across Alberta, has the rights to acquire a development pipeline of an additional 500 suites once they are stabilized and is the operator of an additional 2100 suites. This will ultimately lead to an increase in the value of the portfolio and make the LP more attractive to potential acquirers.
“Cranson Capital’s leadership in bringing investors to this opportunity has enabled us to complete the acquisition,” said Steve Suske, Chair of the Points West Living Limited Partnership. “The PWL management team truly understands the responsibility of a seniors housing operator to take care of ‘Moms and Dads’, and we’re proud to be partners with them as they continue to grow as the leading provider of seniors care in Alberta.”
“Through this investment our investors are helping to provide quality lifestyles for Alberta’s seniors population. We’re excited to be able to partner with such a strong management team with a solid vision for growth which enables investors to have a steady stream of cash flow and the strong potential for a meaningful exit,” said Devon Cranson, President of Cranson Capital Securities. “We look forward to working with PWL again in the near future as they grow their portfolio.”
About Points West Living
Since its inception in 2000, Points West Living has become one of Alberta’s leading providers of quality hospitality and care for seniors living in supportive living communities. An experienced, diversified and dedicated management team brings extensive industry knowledge and strong personal commitment to our contemporary seniors communities. By amalgamating hospitality, health and residential care services, Points West Living has embraced and implemented the very best ideas in seniors care. They continue to add key individuals and skill sets as they grow bigger and better. Through synergized management, Points West Living offers a wide range of services to seniors.
About Cranson Capital
Cranson Capital is a boutique investment banking firm which focuses on providing financial and advisory services to small to medium sized growth businesses. The business consists of two divisions; Cranson Capital Securities and Cranson Capital Solutions, both of which offer unique services to support our investors and entrepreneurs. Cranson Capital Securities is registered with the Ontario Securities Commission as an Exempt Market Dealer and specializes in raising capital from accredited investors for private placements in real estate developments, technology start-ups and high growth companies. Cranson Capital Solutions is a corporate finance advisory firm which focuses on finding the right financing solutions for our entrepreneurs.