Merger Announcement Press Release from Kites Senior Care

Merger Announcement Press Release from Kites Senior Care

Merger Announcement

Bengaluru, India — 3rd June 2024 — Columbia Pacific Communities (CPC), India’s leading senior living community operator, and KITES Senior Care, a pioneer in specialized ‘out of hospital’ geriatric care, have announced their merger. This merger combines CPC’s extensive experience in senior living with KITES’s medical expertise, creating India’s largest and most comprehensive Continuing Care Retirement Community (CCRC).

The merged entity will operate under the leadership of Mr. Rajagopal G, co-founder of KITES Senior Care, who will serve as the CEO and Director of the board. “This merger is a momentous step towards fulfilling our mission to provide unparalleled care to India’s elderly. By combining our strengths, we are set to transform the landscape of senior living and medical care in the country,” said Mr. Rajagopal.

Dr. Ranjan Pai of the Manipal Group, a major investor in KITES, expressed his support for the merger: “The coming together of these two platforms in the senior care continuum underlines our commitment to enhancing the quality of life for the elderly. The elder care space is still evolving in our country, and this pooling of strengths will play a pivotal role in shaping the industry. We are excited about the possibilities and the transformation that this can usher in making the life of elders safer and better.”

The merger will leverage KITES’s demonstrated capability to manage care for elders, the Senior Shield technology platform, and CPC’s network of senior living communities to offer a seamless continuum of care. This includes preventive care, emergency care, and post-hospitalization rehabilitation across multiple cities in India.

Nate McLemore, Managing Director of Columbia Pacific Investments, added, “This strategic union is a powerful step forward in our ongoing commitment to provide exceptional senior living experiences in India. We are bringing together the best of both worlds — KITES’s innovative care models and our proven expertise in community living — to significantly enhance the quality of life for our seniors.”

Residents and their families will benefit from the combined expertise of both organizations, ensuring peace of mind and a higher standard of care. The integration also promises to create new jobs and development opportunities for staff, fostering a culture of excellence and compassion in senior care.

Columbia Pacific aims to add about 2,000 units across India over the next 2 years, thereby doubling the senior/assisted living units and seniors under individual management and care respectively. This development aligns with the rapid growth trajectory of the Indian senior care market, targeting a USD 30bn combined market size covering senior living and ‘out of hospital’ senior care. The merger is looking at collaborating with reputed developers in creating new capacities both on sale and rental models.

KITES Senior Care has recently completed its Series A funding round, raising INR 65 Crores, with a substantial investment of INR 45 Crores from Dr. Ranjan Pai. This financial infusion is set to fuel KITES’s expansion into six cities across Southern India, aiming to develop over 1,000 beds in more than 15 facilities. Concurrently, Columbia Pacific Communities, managing over 1750 residential units across 10 locations in Southern India and a member of the Seattle-based Columbia Pacific Group, is advancing its growth strategy. The brand is actively collaborating with top developers such as Embassy in Bengaluru, TVS in Chennai, and Nyati in Pune to roll out over 700 units that are currently in various stages of development. This development is timed with the senior care market’s rapid growth trajectory, which is expected to reach USD 12 billion by 2030. Furthermore, the ‘out of hospital’ senior care market, where KITES specializes, is already valued at USD 20 billion and growing at an annual rate of over 10%.

“These initiatives underscore our commitment to significantly enhancing the quality of life for seniors in India, blending innovative care models with proven expertise in community living,”Nate McLemoreadded.

Rabindra

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