Mainstreet Details $425M Deal

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The Symphony of Chesterton is one of two Indiana properties owned by Mainstreet Health Investments Inc.) The Symphony of Chesterton is one of two Indiana properties owned by Mainstreet Health Investments Inc.)

Mainstreet Health Investments Inc., a Toronto company founded by Carmel-based Mainstreet, has announced a $425 million acquisition and planned name change. The senior health care real estate company says the deal for New York-based Care Investment Trust LLC includes a portfolio of 42 properties throughout the United States.

Mainstreet Health Investments says Invesque Inc., its proposed new name, will be unique, recognizable and "eliminate any possible confusion around the use of the Mainstreet name and other entities that use a similar name." The company says it is looking to establish "a global brand and presence with a clearly-defined name." Main Street Health Investments is publicly traded on the Toronto Stock Exchange under the symbol "HLP-U." The new name could take effect January 3, pending shareholder approval.

Top leadership at Mainstreet Health Investment has gone through significant changes this year. In September, Mainstreet founder Zeke Turner stepped down as Mainstreet Health Investment Chairman in an effort to shift more of his focus toward privately-owned Mainstreet Property Group. In January, Scott White became chief executive officer of Mainstreet Health Investments following the resignation of Adlai Chester for personal reasons. Mainstreet is a large shareholder in Mainstreet Health Investment.

Mainstreet Health Investments is less than two years old and was created in a reverse takeover transaction involving Mainstreet Investment Co. LLC and Canada-based Kingsway Arms Retirement Residences Inc. It owns two properties in Indiana: The Springs of Mooresville and Symphony of Chesterton.

You can connect to more about the acquisition by clicking here.

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