Erickson Retirement sale closes

May 03, 2010|By Jamie Smith Hopkins, The Baltimore Sun

Erickson Retirement Communities, which emerged from bankruptcy last month, said Monday that its planned sale to a local investor has closed.

Redwood Capital Investments, controlled by businessman Jim Davis, bought the Catonsville-based national chain of senior-living communities for $365 million. Davis — also the majority owner of Allegis Group, a staffing firm in Hanover — won the bidding for Erickson in a two-company auction overseen by the bankruptcy court.

Erickson said in a statement that it will "focus on its core business and the communities it manages, including building out the developing communities as demand warrants and, as early as 2012, entering attractive new markets."

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