Bullrock Corporation sells businesses

Aug-2-F-Bullrock-Sells-Gregg-2Bullrock Corporation and The Lodges Senior Living Communities closed on their agreement to sell their senior care-related holdings to LCB Senior Living LLC of Norwood, Mass. on Thursday, Aug. 7. According to Bullrock CEO, Gregg Beldock and his wife, Elizabeth, the goal is a seamless transition to new ownership, which will retain the current 400-person workforce.
LCB will acquire Shelburne Bay Senior Living Community, The Lodge at Shelburne Bay, The Lodge at Otter Creek, The Lodge at Quarry Hill (soon to be constructed by Bullrock Corporation and owned and operated by LCB Senior Living), and a home health care agency, Enhanced Services Program.
Although Beldock wasn’t looking to sell, LCB simply made an offer that was too good to refuse.  Of course, he wouldn’t have consented to the sale if it wasn’t for his confidence in their ability to continue the top notch level of care and service he has provided to residents. “Over the course of the past decade, people come to you to buy the business—the assisted living business is hot, with cap rates and interest rates being low; it has become a darling of Wall Street,” Beldock said. “Over the past year, there has been great interest—at least that portion of my businesses.”  This particular deal has been in the works for over a year.
LCB Senior Living LLC is a developer/operator and third-party manager of senior housing communities in New England. Its current listed holdings include Traditions of Dedham (Dedham Mass.), Traditions of Wayland (Mass.), the Residence at Pearl Street (Reading, Mass.) and the Residence at Cedar Dell (Dartmouth, Mass.).  All provide independent, assisted living and memory care services. The company also has in its portfolio The Arbors of Bedford (N.H.), providing Alzheimer’s and memory care; and the Lighthouse at Lincoln (R.I.), providing memory care assisted living.
While gratified by the landmark sale, the Beldock’s will miss the relationships the business has fostered.  “It’s bittersweet,” Gregg said of the sale. “It’s a business we started from scratch. Of all the developments I’ve done, it’s the one in which Beth and I have invested the most heart and soul; it involved so many people—400 employees, 500 residents. It’s hard to see it go. My wife and I have been the shepherds, and now it’s time to hand someone else the hook, I suppose.”
Beldock has no plans to retire. A member of Governor Peter Shumlin’s Business Advisory Council on Health Care, he will continue to play a role in the state’s ongoing health care reform. Bullrock will continue to focus on future development projects.
For more information or to learn more about future projects contact Gregg Beldock at (802) 985-1460.