Two Triad senior living organizations will soon consolidate.
The boards of Brightspire and The Well-Spring Group announced on Wednesday that the two organizations have signed a letter of intent to merge. Officials say a new parent company will guide the businesses in an equal partnership.
According to a news release, the as-yet-unnamed parent company is expected to be the largest nonprofit senior living organization in North Carolina, serving more than 2,000 residents.
Both organizations will retain their current names, and will be co-led by Brightspire president and CEO Tim Webster, and Steve Fleming, who currently helms The Well-Spring Group.
Brightspire, formerly known as The Presbyterian Homes, is made up of three senior living communities in High Point, Cary, and Laurinburg.
Well-Spring runs facilities in Greensboro and Burlington, and also partners with PACE of the Triad, a program serving the elderly in Guilford, Forsyth, Rockingham, Stokes, and Surry counties.
Officials say no layoffs are planned, although there may be some consolidation of back office duties. The merger is expected to be finalized by the end of the year.