Carmel-based Mainstreet has announced its affiliate, Mainstreet Investment Co. LLC, has completed a reverse takeover transaction with Canada-based Kingsway Arms Retirement Residences Inc. The new company has been renamed Mainstreet Health Investments Inc.
The transaction was previously announced in November. It approved by KWA shareholders earlier this month and gives Mainstreet a portfolio of 10 senior care properties in and around Chicago.
"Mainstreet has an opportunity to recreate the success it has found in the past by creating value for shareholders," said Zeke Turner, founder and CEO of Mainstreet. "Our pace and scale continue to require significant capital, and with this completed transaction, we’ll be able to continue transforming the seniors care and health care industries."
The company plans to acquire an eleventh property to add to its portfolio in the coming months. The 10 properties that come with the transaction are comprised of over 2,300 beds.
Turner will serve on the company’s board of directors. The company’s senior officers include CEO Adlai Chester, President Scott White and CFO Scott Higgs. White says the company is excited to return to the Canadian public markets.
"What we’re doing now is building on our previous success in the Canadian capital markets, while effecting industry change and leveraging existing relationships to help us grow this portfolio," said White.