RADNOR, PA — Hidden River Strategic Capital has invested in Northstar Senior Living in connection with its merger with Alta Senior Living, providing financing to support the integration of the two senior living management companies and future expansion efforts.
The combined company will operate under the Northstar Senior Living name and manage assisted living, memory care and independent living communities through long-term contracts with property owners, Hidden River announced.
The transaction combines Northstar, a California-based senior living operator founded in 2008, with Alta Senior Living, a Florida-based management company established in 2019. The merger expands the platform’s geographic reach and operational footprint within the senior living sector.
Hidden River’s investment includes both debt financing and convertible preferred equity. The capital is expected to support operational integration, technology investments, system upgrades and additional growth initiatives.
The merged company will remain management-owned. Northstar’s executive team will oversee day-to-day operations, while Alta Chief Executive Officer Doug Brawn will serve as chairman of the board.
“Northstar has an outstanding reputation as an operator, and we believe the combination of Northstar’s management experience with Alta’s capital markets relationships and growth orientation creates a strong foundation for future expansion,” Brawn said.
Northstar is headquartered in Redding, California, and manages senior living communities across the United States. Alta, based in North Palm Beach, Florida, operates a complementary portfolio of communities and has focused on business development and industry partnerships.
The deal reflects continued consolidation in the senior living management industry as operators seek greater scale, broader geographic coverage and additional resources to address growing demand for senior housing services.
“Northstar represents the type of business Hidden River seeks to support: a differentiated company with a durable, recurring model and meaningful opportunities for growth,” said Steve Gord, partner at Hidden River Strategic Capital.
Hidden River, based in Radnor, provides flexible capital solutions to lower middle-market companies through debt and equity investments.
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