Charlotte-based Falfurrias Capital Partners said Wednesday it has made an investment in GlynnDevins, a provider of marketing services to senior living and care communities across the U.S.
It is the private equity firm’s first investment in the marketing and senior living categories. Falfurrias was founded by former Bank of America Chairman and CEO Hugh McColl and the bank’s former chief financial officer, Marc Oken.
The investment was motivated by trends such as the rise in the Baby Boomer population and the increased average lifespan, said Todd Taylor, partner with Falfurrias Capital.
“The thing that we really liked about this business (GlynnDevins) was the growth of the American senior population, and secondly this particular company...they’ve really got a good management team that offers a good value proposition,” Taylor told the Observer.
Taylor, who has a background in growing marketing services companies, believes Falfurrias can enhance the customer relationship management side of GlynnDevins’ operations.
Jim Glynn, GlynnDevins co-founder and principal, said Falfurrias’s operational expertise would help boost the company’s growth.
“Our agency has seen tremendous growth in the senior living and healthcare category and this partnership will enable us to broaden our capabilities and expand into new market segments,” Glynn said in a statement.
Glynn and company co-founder George Devins will retain significant ownership positions in the company.
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