Former Manor Care execs launch assisted living firm.In its first acquisition, Chesapeake Healthcare Corp., a Gaithersburg, Maryland-based company established by former Manor Care executives, has purchased Somerford Corp., a Californiabased assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. company specializing in Alaheimer's care. Chesapeake plans to change its corporate name to Somerford Corp. Joseph Buckley, a former executive vice president with Manor Care, is Chesapeake's chairman. Lewis Price, who led the development and national rollout of Manor Care's Alzheimer's assisted living business, is president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Our goal is to build and operate single-purpose Alzheimer's assisted living communities in California and in several mid-Atlantic states Mid-At·lan·tic States See Middle Atlantic States. Noun 1. Mid-Atlantic states - a region of the eastern United States comprising New York and New Jersey and Pennsylvania and Delaware and Maryland U.S.A. ," Price said in a prepared statement. "But we will also buy companies that mirror our operating philosophy and are located in our target markets." After Manor Care's merger with Health Care and Retirement Corporation in 1998, Price and other Manor Care executives left to form Chesapeake. Somerford owns and operates three 56-bed residences, known as Somerford Place, in Fresno, Roseville, and Stockton, California Stockton is a city in California and the seat of San Joaquin County (the 5th largest agricultural county in the United States). According to 2007 estimates by the California Department of Finance, Stockton has a population of 289,789 (689,689 MSA) and is the 13th largest city in . A fourth residence is under construction in Redlands, California For other uses of the term "Redlands", see Redlands. Redlands is a city in San Bernardino County, California, United States. As of the 2000 census, the city had a total population of 63,591. ; this fall, the company will begin construction on a fifth in Encinitas, California. |
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