Amica Senior Lifestyles: Investing in premium seniors housing for an aging population
The investment: In 2015, we acquired a publicly traded Canadian provider of premium seniors housing and merged it with our seniors-housing subsidiary to create Amica Senior Lifestyles.
Many seniors stay in their homes as long as they can. But isolation, age-related frailties or even the desire to be free of burdensome household chores sometimes lead seniors to choose another option. That’s where Amica Senior Lifestyles comes in. The company, which operates mainly in Ontario and British Columbia, provides private-pay, premium housing in three categories: independent living, assisted living and memory care. Through its focus on premium amenities and personalized care, Amica has established itself as the leading provider of seniors housing in Canada.
As a long-term partner to Ontario Teachers’, Amica has a proven track record of generating stable returns. We also invested in the company because of its long-term growth potential. Canada is aging, and the cohort of Canadians aged 75 and up is expected to almost double by 2040, to 14% of the overall population. The rising number of older seniors is expected to drive demand for seniors housing in the years to come, positioning Amica for growth. Currently, the company operates 33 properties, with another dozen under development.
Amica’s appeal includes prime locations, great food and its activity and entertainment options. But its strength lies in personalizing services to suit the desires and needs of its residents. Indeed, many newcomers report better health and less of a need for prescription medications after they move in, benefiting from the full meals and sense of community that Amica provides. The company also provides a continuum of care, catering to the changing needs of residents as they age.
Like other companies operating congregate living facilities, the pandemic brought some challenges for Amica. We’re proud of the way it was able to respond with its residents’ wellbeing in mind. Company management quickly went into crisis mode to protect and reassure its residents, and adopted staffing and other policies that helped minimize the spread of the coronavirus in its facilities. Due to its proactive approach, Amica managed through the pandemic well and is now moving forward with its growth plans.
“Having Ontario Teachers’ as our partner and long-term owner has provided Amica with the ability to make solid long-term value creating decisions not subject to the investment and operational swings that comes from a quarterly public reporting environment. During the pandemic, it also allowed Amica the freedom to make the right choices to protect its residents, team members and company brand.”
Doug MacLatchy, CEO,
Amica Senior Lifestyles