FOR IMMEDIATE RELEASE
Chicago Pacific Founders Acquires Dirigo Pines in Orono, Maine
Chicago, IL — February 5, 2016 — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management, Inc., announced today the acquisition of Dirigo Pines, a full service retirement community in Orono, Maine. Dirigo Pines is located on a 60 acre campus less than one mile from the University of Maine. Dirigo Pines offers independent living, assisted living and memory care services and includes 107 apartment units, 56 cottages and has capacity for 29 additional cottages.
This is CPF Living’s sixth property acquisition and its second in Maine.
Dirigo Pines was previously owned by two Eastern Maine Healthcare Systems (EMHS) member organizations, Rosscare and Affiliated Healthcare Systems. Dirigo Pines, opened in 2003, employs 100 people and is home to more than 200 residents.
“We are excited to become a part of the Dirigo Pines and larger Orono community and further enhance the experience of all our residents, staff, and their families. This is a great acquisition for our group and we intend to build on the great legacy of this community,” said John Rijos, Chairman and CEO of CPF Living Communities.
Terms of the deal were not disclosed, but significant additional investment in the future of the campus will serve to enhance the quality of life for all its stakeholders, including residents, staff, families, and prospective residents across Maine and the region.
About Chicago Pacific Founders
Chicago Pacific Founders is a Chicago and San Francisco-based healthcare private equity investment firm. The fund is targeting investments in healthcare verticals including senior living and innovative healthcare service-based platforms.
About Grace Management, Inc.
Grace Management, Inc. was established in 1984 to develop, market, and manage residential communities for seniors. While the core of the business is third-party senior housing management, Grace Management, Inc. also offers marketing and operational consulting services, receivership and loan workout services, due diligence review for pending sale or purchase considerations and third party reviews for various types of senior housing communities. For more information, please visit www.gracemanagement.com.