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PA-Based ACTS Retirement-Life Communities Announces Agreement to Acquire Carlton Cove in Huntsville, Alabama
Date:4/22/2008

Experiences steady growth with additional CCRCs in PA, NC, SC, GA and FL

WEST POINT, Pa., April 22 /PRNewswire-USNewswire/ -- ACTS Retirement-Life Communities, a premier not-for-profit senior living organization, announced today that it has signed an agreement to acquire the assets of Carlton Cove, a continuing care retirement community (CCRC) in Huntsville, Alabama. The transaction is expected to close by May 30.

Following the closing of this transaction, Carlton Cove will become the 19th ACTS continuing care community and the third retirement community the organization has acquired rather than built. ACTS is a mission-driven, faith-based company formed more than 35 years ago by a Pennsylvania pastor and members of a non-denominational church.

"This acquisition is an exciting opportunity for ACTS and provides for the continued success and security of Carlton Cove, its residents and employees," said Marvin Mashner, ACTS President and CEO. "It is our desire to continue to grow our ministry and we knew when we first saw Carlton Cove that it was an excellent fit for our growth plans. We are very excited to welcome the Carlton Cove residents and team members into the ACTS family, as well as becoming a strong community contributor and partner."

Located on a 43-acre campus in south Huntsville, Madison County, Carlton Cove opened in 2003 and has 162 independent living apartments and single family homes and also provides personal daily assistance, skilled nursing care and Alzheimer's/memory support in an on-site health center. The community has numerous amenities and services including formal and casual dining venues, a fitness center, indoor pool, tennis courts, woodshop, and many social and recreational activities.

ACTS' life care communities are full-service CCRCs offering a mix of independent living and single family homes, assisted living, skilled nursing care and Alzheimer's care on the same campus. The ACTS life care contract guarantees that a resident's monthly fee will not increase as a result of moving from independent living to assisted living or to skilled nursing care.

Headquartered in West Point, Pennsylvania, ACTS Retirement-Life Communities, Inc., is the nation's largest not-for-profit owner, operator and developer of CCRCs. ACTS has approximately 5,100 employees and provides housing and services to nearly 8,000 retirees through its family of 18 life care retirement communities in Florida, Georgia, South Carolina, North Carolina, and Pennsylvania. All established ACTS communities are accredited by the CARF Continuing Care Accreditation Commission, an independent organization that sets recommended performance standards for the industry. Website: ACTSretirement.com.

Editor's note: for a high resolution photo of Carlton Cove, please contact an ACTS media representative.

CONTACT: Michael Smith, 215.661.8330, ext. 00580, msmith@actslife.org, or Colleen Wilson, 561.362.8377, ext. 00542, cwilson@actslife.org


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SOURCE ACTS Retirement Life Communities
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