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Capital Senior Living hires strategic adviser

By Associated Press
May 29, 2008 | Comments (0)

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Senior living community operator Capital Senior Living Corp. said Thursday it hired Banc of America Securities as a financial adviser as it explores strategic alternatives, which could include the sale of the company.

Capital Senior, which runs 64 senior communities in 23 states, added several directors to its board in March when it announced the possible sale and formed a special committee.

"Our goal is to maximize shareholder value," said Capital Senior Chief Executive Lawrence A. Cohen, in a statement. "We believe the Company is well-positioned to benefit from attractive demographics and strong industry fundamentals."

The 65-and-up age group is projected to grow 36 percent between 2010 and 2020, compared with 9 percent for the general population, according to the U.S. Census Bureau.

Shares of Capital Senior fell 8 cents to close at $8.39.

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