Senior Living & Nursing Homes
Assisted living, memory care, skilled nursing, and senior housing
What PE Ownership Means for This Industry
10% higher mortality rate
PE ownership linked to higher mortality in nursing homes
A 2021 NBER study found PE ownership of nursing homes was associated with a 10% increase in mortality, driven by reduced staffing and increased use of antipsychotic medications.
Source: NBER Working Paper, 2021
6.4% fewer nurses
PE-owned nursing homes have fewer staff per resident
Research shows PE-acquired nursing homes reduce nursing staff by 6.4% while increasing costs billed to Medicare. Quality metrics decline within 2 years of PE acquisition.
Source: Health Affairs, 2023
PE-Owned Brands
Atria Senior Living
Owned by Freeman Spogli & Co.
One of the largest senior living operators with 274 properties across 27 states and 7 Canadian provinces
7 locations tracked
Benchmark Senior Living
Owned by KKR (Kohlberg Kravis Roberts)
Senior living operator acquired by KKR from Welltower for ~$1.8B with 60+ communities in the Northeast
9 locations tracked
Kindred Healthcare
Owned by Bain Capital
TPG, Humana, and Welsh Carson acquired Kindred Healthcare in 2018 for $4.1B. Bain Capital was an earlier investor. Kindred operates long-term acute care hospitals and rehabilitation facilities. Subject to multiple Medicare fraud settlements.
0 locations tracked
Marquis Health Services
Skilled nursing and assisted living operator in the Mid-Atlantic and New England with 30+ facilities
6 locations tracked
Sabra Health Care REIT
Healthcare REIT owning skilled nursing, senior housing, and behavioral health properties across the US
6 locations tracked
Sunrise Senior Living
Assisted living and memory care operator with 240+ communities, historically PE-backed
4 locations tracked