Masonicare, a not-for-profit senior living and healthcare services provider, is pursuing M&A to expand within and beyond Connecticut, said CEO Jon-Paul Venoit.

The Wallingford, Connecticut-based company seeks to acquire not-for-profit or for-profit independent living, assisted living, and memory care assisted living communities with at least 100 units in New England, South Carolina, or Florida, he said.

Keith Robertson at investment bank Ziegler supports Masonicare with M&A and financing events, according to the CEO.

“We are not targeting distressed companies but are particularly interested in providers facing occupancy challenges,” Chief of Strategy Ann Collette said in a joint interview, noting that Masonicare’s average occupancy rate is 92%.

Venoit said Masonicare would also consider acquiring consulting and management companies for the senior living industry.

Masonicare has a few letters of intent in place and ideally would like to acquire two communities within the next two years, Venoit said. Deals could be funded through any mix of cash, asset-backed loans, bonds, or bank debt, he noted.

According to Venoit, industry multiples vary widely, from USD 125,000 to USD 400,000 per unit, depending on market, facility type, and occupancy rate.

In January 2025, Masonicare announced the acquisition of Atria Greenridge Place, a for-profit assisted living and memory care community with 108 units based in Rocky Hill, Connecticut, and its merger with United Methodist Homes, a 150-year-old, not-for-profit senior living organization that operates five communities comprising around 500 units in Connecticut.

The Atria purchase price was approximately USD 14.5m and funded through debt, Venoit said. The UMH deal was a “true merger,” with no money exchanged, he added, though the deal came with USD 36m in debt and an endowment of USD 43m.

Masonicare offers a complete continuum of care for older adults, including independent and assisted living, memory care, skilled nursing, rehabilitation, behavioral health, medical and non-medical home health care, hospice, and palliative care. Its 10 communities throughout Connecticut serve nearly 10,000 patients and residents per day, Venoit said.

The company owns and operates approximately 2,000 residential living units, skilled nursing beds, and behavioral health hospital beds in Connecticut, according to Collette. It consults for or manages an additional 2,000 senior living and skilled nursing beds nationwide through its for-profit consulting arm, Long Hill Company, she added.

Masonicare is projecting revenue of USD 270m this year, with a goal of reaching USD 500m within the next five years, Venoit said.

The business has roughly USD 183m in debt, the CEO added. Its endowment currently sits at approximately USD 270m.

Over the past decade, Venoit said Masonicare has transitioned from a loss-making organization reliant on its charitable foundation to a growth-oriented enterprise now leveraging its own assets to fund expansion within and beyond Connecticut.

“We are a not-for-profit that now acts like a for-profit when it comes to sustainability and growth,” Venoit said. “No margin, no mission.”

Venoit noted Atria Senior Living and Brookdale Senior Living as national players in the space, and Benchmark Senior Living as a regional peer.

Masonicare was founded in 1895. Venoit joined the organization in 1990 at age 16, working in the dining room, and was appointed CEO in 2016.

The company is Connecticut’s largest not-for-profit integrated senior care continuum, with housing options ranging from government-subsidized HUD units to luxury residences exceeding USD 1m, Collette said.

Masonicare has approximately 2,200 employees. It works with law firm Wiggin & Dana and audit firm PKF O’Connor Davies.