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HARTFORDBUSINESS.COM | MAY 27, 2024 5 What's Trending Masonicare, United Methodist Homes announce plans to merge By David Krechevsky davidk@hartfordbusiness.com W allingford-based Masonicare, the state's largest not-for- profit provider of healthcare and senior living services, said it plans to merge with Shelton-based United Methodist Homes Inc. (UMH) to create one of the largest such organizations in New England. Terms of the deal were not disclosed. Masonicare officials said the deal is subject to various approvals, including by the boards of each organization, and is expected to close in early 2025. UMH is a 150-year-old, not-for- profit senior care organization with five locations in the state, including three in Shelton and one each in Farmington and Newington. The deal also includes merging each organization's third-party management business — GENM for Masonicare, which provides marketing and supportive services for care providers; and The Long Hill Co. for UMH, which manages day-to-day operations for senior care facilities in Texas, Okla- homa and Oregon. Masonicare President and CEO Jon-Paul Venoit said during an inter- view that the initial merger discus- sions began during the LeadingAge Annual Senior Living Symposium in Wallingford last November. Both he and UMH President and CEO David Lawlor were speakers at the event. Venoit said the two CEOs discussed "some synergies" between their organizations during the sympo- sium, which later led to a seven-hour meeting to discuss a merger. "The stars aligned perfectly," Venoit said. "By combining our complemen- tary capabilities and talent, we will be Masonicare President and CEO Jon-Paul Venoit (left) stands with United Methodist Homes Inc. President and CEO David Lawlor. PHOTO | CONTRIBUTED poised to create a stronger, more resil- ient organization that is well-positioned to meet the evolving needs of our residents, patients and stakeholders." As part of the agreement, Venoit will remain as president and CEO of Masonicare, while Lawlor will become Masonicare's CFO and pres- ident of its management/consulting services division. Current Masonicare CFO Steven Beaulieu, who has served in that role since 2020, will retire, Venoit said. Lawlor said the goal of the merger is clear, "to harness the collective strengths, talent and know-how of both companies to form one stronger, enduring, mission-based organization that redefines the standards of excel- lence in the field of senior living." Masonicare has about 1,600 employees, while UMH has about 500. Venoit said the companies "don't have many redundancies," so he does not expect "any mass layoffs." Once the merger is completed, the combined organization will serve approximately 6,500 residents and patients with residential living, skilled nursing and rehabilitation, senior behavioral health, home healthcare, homemaker companion, and hospice and palliative care. According to its latest annual report, Masonicare in fiscal 2023 reported $149.2 million in operating revenue, an operating loss of $8.3 million and an overall loss of $1.7 million. In fiscal 2022, Masonicare reported a $5.8 million operating loss and $157,000 overall loss. According to its latest 990 tax form, United Methodist reported $10.6 million in revenue and a $7.4 million surplus in fiscal 2022, which ended Sept. 30, 2022. Masonicare operating revenues OPERATING REVENUES (IN MILLIONS) 2017 $200 $150 $175 $100 $125 2018 2019 2020 2021 2022 2023 Source: Masonicare annual reports Contact Us John McCormick | +1 860 987 4736 | john.mccormick@cbre.com Anna Kocsondy | +1 860 987 4749 | anna.kocsondy@cbre.com www.cbre.com/hartford Boutique Office Space Available 100 Allyn Street | Hartford, CT Under new Ownership, 100 Allyn Street is an excellent choice for tenants seeking boutique, urban office space with a convenient CBD location. Current space available includes a �2,500 SF on the fourth floor, ideal for a small tenant looking for something unique in downtown Hartford. Storage space is also available. 100 Allyn Street is located directly across from the XL Center Coliseum, with parking available in the immediately adjacent lot on Allyn Street. Retail amenities include Agave Cantina Bar & Grill and Aladdin's Pizzeria restaurants. Come see what this unique building has to offer! 100 Allyn Street boasts distinctive turn of the century architecture and high- quality finishes including exposed brick and wood beam ceilings, polished hardwood floors, mahogany wood trim and modern thermopanel windows. Also known as the Crosthwaite Building, 100 Allyn Street was originally constructed in 1911 and is listed on the National Register of Historic Places. Contact Us John McCormick Anna Kocsondy