Independent Assisted Living Operators
Locally-owned single or small-portfolio assisted living operators.
Market snapshot
These figures describe Assisted Living Facilities (4.7.3), the segment that Independent Assisted Living Operators sits within — not Independent Assisted Living Operators on its own.
- Market size
- ~$48B
- Growth
- ~4.8%CAGR (2017–22, nominal)
- Companies
- ~27,200
U.S. Census Bureau 2022 CBP/Economic Census, NAICS 623312 (Assisted Living for the Elderly) + 623990 (Other Residential Care).
Business model & economics
Revenue model
Primarily private-pay monthly resident fees
Key economics
- Recurring revenue
- High
- EBITDA margin
- Occupancy- and labor-sensitive; better than SNF
- Capex intensity
- High
recurring monthly occupancy
Characteristics
- Predominantly private-pay — better positioned than SNF.
- Occupancy recovering toward the demographic surge.
- Operations and REIT-owned real estate often split.
Geographic concentration
Assisted living concentrates in the Pacific Northwest and Upper Midwest — Oregon, Washington, Alaska, and Wisconsin — where the assisted-living model is most established relative to nursing homes.
U.S. Census Bureau — 2022 County Business Patterns (establishments by state), NAICS 623312. Concentration shown by location quotient.
M&A deal context
Who’s acquiring
- Senior-living operators
- Healthcare REITs & real-estate investors
- PE-backed platforms
What’s driving deals
- Occupancy recovery and demographic tailwind.
- Operations/real-estate transactions and REIT activity.
- Consolidation of regional operators.
Find Independent Assisted Living Operators acquisition targets
Search Acquisera’s index for companies classified under Independent Assisted Living Operators (4.7.3.3) and build a targeted deal pipeline.
Search companies