Capital Senior Living Corporation Appoints Paul J. Isaac and Ross B. Levin as New Independent Directors
March 08 2017 - 6:30AM
Business Wire
Capital Senior Living Corporation (the “Company”) (NYSE:CSU),
one of the nation’s largest operators of senior housing
communities, announced today the appointment of Paul J. Isaac and
Ross B. Levin of Arbiter Partners Capital Management, LLC
(“Arbiter”) to its Board of Directors, effective March 7, 2017. The
appointments of Messrs. Isaac and Levin fill the vacant Board seat
following the passing of Board member Keith Johannessen in December
2016, and expand the Board to 10 directors, nine of whom are
independent. Arbiter and related parties currently own
approximately 4.49 million shares of Capital Senior Living,
representing approximately 14.95% of the total shares outstanding,
making the Arbiter group the Company’s largest shareholder.
Paul Isaac is the founder and CEO of Arbiter and has a broad
range of investment experience. He currently serves as a director
of Irex Corporation (North Lime Holdings). Ross Levin is the
Director of Research for Arbiter, currently serves as a director of
Mood Media Corporation, and is a former director of American
Community Properties Trust and Presidential Life Corporation.
Lawrence A. Cohen, Chief Executive Officer and Vice Chairman of
Capital Senior Living, stated, “We welcome Paul and Ross to the
Board. Both are accomplished investors who complement the extensive
expertise and talent of our existing board members, and who bring
with them the important perspective of a large shareholder. We look
forward to leveraging Paul and Ross’ insights as we continue to
execute on our long-term, real estate strategy and enhance value
for all shareholders.”
“Ross and I are honored to join the Board at this opportune time
in the Company’s history,” said Mr. Isaac. “Capital Senior Living
is executing a differentiated real estate strategy to drive growth
and shareholder value. We believe the Company is uniquely
positioned for continued success in a fragmented market. We look
forward to working closely with our colleagues on the Board to
achieve our mutual goal of generating additional value for Capital
Senior Living shareholders.”
The Board appointments are pursuant to a Support Agreement (the
“Agreement”) entered into between Capital Senior Living Corporation
and Arbiter. The Agreement will remain in effect for a one year
term, and includes customary standstill and voting commitments. The
full Agreement will be included as an exhibit to a Current Report
on Form 8-K and filed by the Company with the Securities Exchange
Commission.
About the Company
Capital Senior Living Corporation is one of the nation’s largest
operators of residential communities for senior adults. The
Company’s operating strategy is to provide value to residents by
providing quality senior housing services at reasonable prices. The
Company’s communities emphasize a continuum of care, which
integrates independent living, assisted living, and home care
services, to provide residents the opportunity to age in place. The
Company operates 129 senior housing communities in geographically
concentrated regions with an aggregate capacity of approximately
16,500 residents.
Safe Harbor
The forward-looking statements in this release are subject to
certain risks and uncertainties that could cause results to differ
materially, including, but not without limitation to, the Company’s
ability to find suitable acquisition properties at favorable terms,
financing, refinancing, community sales, licensing, business
conditions, risks of downturns in economic conditions generally,
satisfaction of closing conditions such as those pertaining to
licensure, availability of insurance at commercially reasonable
rates, and changes in accounting principles and interpretations
among others, and other risks and factors identified from time to
time in our reports filed with the Securities and Exchange
Commission.
For information about Capital Senior Living, visit
www.capitalsenior.com.
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Capital Senior Living CorporationCarey Hendrickson,
972-770-5600Chief Financial Officer
Capital Senior Living (NYSE:CSU)
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