Asheville-based Givens Communities and the Aldersgate United Methodist Retirement Community in Charlotte, two of North Carolina’s largest not-for-profit senior living groups, completed their agreement to unite and collaborate.
The move, which was announced as a preliminary deal in April, ”reinforces a mission to foster vibrant and supportive environments for older adult residents and team members alike,” according to a press release.
Givens now has governance and management responsibilities for Aldersgate, which is home to nearly 600 residents living on a 200-acre east Charlotte campus. Officials said the transaction isn’t a purchase or acquisition, and Aldersgate remains a nonprofit organization. Transaction details weren’t disclosed.
Givens has also been affiliated with the United Methodist Church since its start in 1975. Aldersgate started 30 years earlier as The Methodist Home.
Givens operates Givens Estates in Asheville with 730 residents, Givens Highland Farms in Black Mountain with 475, Givens Great Laurels in Waynesville where 100 seniors reside, and 250-plus living at Givens Gerber Park in south Asheville. Givens also has home care and community-based units.
“This affiliation strengthens our ability to serve current and future generations of older adults and to be an employer of choice in both Charlotte and Western North Carolina,” said Kevin Schwab, CEO of Givens Communities.
The move follows several years of operating losses at Aldersgate, which led to delayed vendor payments and entrance fee refunds and protests by some residents. In August 2023, state regulators put Aldersgate under an “order of supervision,” an unprecedented move that spotlighted ineffective management and a failed joint-venture expansion effort with Charlotte’s Jewish community.
Aldersgate recruited veteran turnaround consultant David Middleton to lead the group in early 2023. Since then, he has helped lead a search for an industry peer with strong finances and a similar mission. Combining with Givens will benefit residents and staff with a broader range of services and a stronger foundation for growth, officials said.
“Aldersgate leadership, residents, team members, and community partners have been extensively engaged throughout the process leading to affiliation with Givens Communities,” Middleton said. “This outcome reinforces Aldersgate’s value and prepares current and prospective Aldersgate residents for a secure and exciting future.”
Givens has a “strong financial profile [reflecting] robust unrestricted reserves and consistently solid operational performance, even during periods of elevated capital expenditures,” according to a July 8 Fitch Ratings report. The group’s two Asheville facilities had a waiting list of more than 1,700, reflecting the area’s popularity among retirees, the credit rating agency said.
Givens had operating income of $19 million in 2024, versus $10.2 million a year earlier, according to its annual report. Revenue increased nearly 13% to $101 million.
Schwab has been CEO at Givens since 2021, succeeding Ken Parten, who led the group for 30 years.
David Mildenberg is editor of Business North Carolina. Reach him at dmildenberg@businessnc.com.