Sale of Falls-Based Assisted Living Concepts in Shareholders' Hands

Shareholders of Assisted Living Concepts Inc., a Menomonee Falls-based operator of 210 senior living residences in 20 states, will vote on the sale of the facilities to a private equity firm in May, reported the Business Journal.

Assisted Living Concepts announced in February it had agreed to be sold to Texas-based private-equity firm TPG for $278 million.

The vote will take place May 16 at 10 a.m. at the Hilton Milwaukee City Center hotel in Milwaukee. Class A shareholders would receive $12 a share, while Class B shareholders will receive $12.90 per share. 

Assisted Living Concepts had been losing money and endured a difficult year after it fired its chief executive officer when several states found a series of violations in ALC locations, reported the Milwaukee Journal Sentinel.