Assisted Living Concepts Inc. Essay

2212 Words9 Pages
Assisted Living Concepts Inc., hereafter referred to as ALC, was a Nevada corporation formed in 1994 with its principal place of business in Menomonee Falls, Wisconsin. ALC provides senior assisted living residences that provide multiple personal services for their residences. ALC was purchased by Extendicare Health Services, Inc. in January 2005. In 2006 ALC was spun off from Extendicare as a publicly traded company. As of December 31, 2012 ALC had 211 assisted and independent living residences in 20 states totaling 9,348 units with 4,600 employees. ALC generated revenues in excess of $228 million dollars for year-end 2012 (Assisted Living Concepts, Inc. 2013). In July 2013, ALC was acquired by the private equity firm TPG Capital, L.P. for $278.3 million dollars (Boulton 2013). In March 2014 ALC changed their name to Enlivant (Enlivant 2014).
The Players
Laurie Bebo – President & CEO of ALC– In November 2006, Bebo was promoted f to CEO of Assisted Living Concepts. Bebo held the position of CEO until her termination in May 2012. Bebo was also a member of the ALC Board of Directors. Bebo was instrumental in talking the Board of Directors into the leases with Ventas. She orchestrated the fraud at ALC.
John Buono – Senior VP & CFO and Treasurer– Hired in 2006, Buono was a licensed CPA in the state of Wisconsin. Buono was a willing participant and the executive who could have stopped the scheme that Bebo had implemented to falsify the financials of ALC.
Ventas
Get Access