Benchmark Assisted Living - assisted living, elderly care, senior living for senior citizens

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	CONTACT:	Brooke Tyson O’Neill and Associates (617) 646-1023

Benchmark Assisted Living To Acquire Village Retirement
-Adds 1,160 units to largest New England provider of senior housing-

Wellesley Hills, MA (September 28, 2004) – Benchmark Assisted Living announced today that it will acquire nine Village Retirement communities throughout Southern New England in one of the largest transactions in the assisted living industry in five years. The acquisition makes Wellesley-based Benchmark the 8th largest privately-held senior living provider in the nation. The company is the largest provider in New England.

Benchmark has grown from four facilities in 1998 to 33 residences with this purchase.

“Village Retirement has been a leader in the senior living industry. We are pleased to have its residences join the Benchmark brand,” said Thomas H. Grape, Benchmark chairman and CEO. “Peter and Diane Sangermano founded Village Retirement 15 years ago, and with their employees have built it into a premier organization offering exceptional health care and hospitality to more than 1,100 residents. Benchmark looks forward to building upon this tradition of service excellence.”

The purchase increases Benchmark’s resident units by approximately 60 percent, from 1,900 to more than 3,000 units. Six of the purchased facilities are in Connecticut, two in Rhode Island and one in Massachusetts. Benchmark plans no layoffs and expects to add approximately 20 staff members to its management team.

John Hopkins, Benchmark president, said, “This expansion provides the senior marketplace with quality choices in great towns throughout New England and is a perfect fit to allow the company to grow prudently and strategically. Benchmark has been applauded nationally for our commitment to quality lifestyle for our residents and for our supportive corporate culture.”

In a recent study by Cornell University, Benchmark’s employee and resident satisfaction ratings far exceed industry standards. In addition, Benchmark’s focus on quality and service has allowed the company to provide returns to its investors that are two times greater than industry norms.

Benchmark officially takes over ownership November 1. Benchmark has formed a joint venture with two investors, including an investment fund managed by Greenfield Partners, LLC, to provide the equity for this transaction.

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About Benchmark Assisted Living:
Benchmark Assisted Living is the largest assisted living company in New England and one of the top 10 in the nation. The Wellesley Hills-based company was founded in 1997 and has more than doubled in size in the last four years. Known for exceptional resident satisfaction, the privately-held company owns and operates 24 properties, equaling 1,900 assisted living, independent living and Alzheimer’s units.

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