Five Star Senior Living Inc. (Nasdaq: FVE) today announced a collaboration with Compass Community Living, a division of Compass Group, a global leader in food and support services, whereby Compass will assume management of dining services operations at all of Five Star's senior living communities. The collaboration advances Five Star's commitment to delivering differentiated, customer-focused experiences.
"At Five Star, we are focused on continuously enhancing the resident experience at our communities," said Katherine Potter, President and Chief Executive Officer of Five Star Senior Living Inc. "After carefully evaluating options for our dining services, we are excited to partner with Compass Community Living to provide fresh, nutritious, made-from-scratch cuisine for our residents. Compass has over 120 years of global dining and hospitality experience and we are confident that our new Five Star culinary program, featuring chef-inspired menus and farm-to-table ingredients, will transform the dining experience for all our residents."
Richard B. Schenkel, Chief Executive Officer of Compass Community Living, said, "At Compass Group, we care deeply about the quality and preparation of the food we serve. The relationships we foster through sharing food are an important element of every community, and we could not be more excited to collaborate with Five Star to further elevate the culinary experience for their residents."
The transition of Five Star's dining services operations will begin on February 1, 2022 and is expected to be completed by year end 2022. As part of the transition, it is expected that Five Star employees currently working in dining services will become employees of Compass Community Living.
About Five Star Senior Living
Five Star is a provider of services that enrich and inspire the lives of older adults. Five Star owns, operates and manages independent living, assisted living, memory care and continuing care retirement communities across the United States. Additionally, Five Star's rehabilitation and wellness services segment includes Ageility Physical Therapy Solutions™, or Ageility, which provides rehabilitation and wellness services within Five Star communities as well as to external customers. The company is headquartered in Newton, Massachusetts. For more information, visit www.fivestarseniorliving.com.
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This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever FVE uses words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "will," "may" and negatives or derivatives of these or similar expressions, FVE is making forward-looking statements. These forward-looking statements are based upon FVE's present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by FVE's forward-looking statements as a result of various factors. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond FVE's control. For example:
- Ms. Potter's statements regarding the transformation of the dining experience for residents may imply that FVE will be able to attract and retain more residents and achieve better financial and operating results as a result of the collaboration with Compass Community Living. FVE may not realize the benefits it anticipates after transitioning its dining services operations.
- The transition of FVE's dining operations may not occur on the anticipated timeline and the level of service may not be as anticipated.
- Employees currently working in FVE's dining services may not become employees of Compass Community Living, adversely impacting Compass Community Living's ability to perform its services.
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