Friendship retirement community acquires Richfield Living

Friendship, a Roanoke-area retirement community, announced Monday that it has acquired Richfield Living, a former competitor in the region, for $62 million.

Friendship announced the acquisition Monday. The combined not-for-profit retirement communities will operate under the name Friendship, but will keep Richfield Living’s name and identity, and will have 1,000 employees serving 1,500 residents, according to a news release.

Richfield Living CEO Cherie Grisso left about two months ago and Joe Hoff, president and CEO of Friendship, will lead the combined company. The Friendship leadership team — from finance and facilities to dining services and human resources — will provide operational support, according to a spokesperson.

Ben Higgins, Friendship’s vice president of operations, will oversee Richfield’s day-to-day operations. He has 17 years of experience as director of health care operations, overseeing two campuses that offer skilled nursing and rehabilitation, assisted living and community-based services.

After the acquisition, Friendship let go 15 of the more than 300 employees at Richfield, a spokesperson told Virginia Business.

“Friendship is proud to have strong leadership and financial positioning to allow us this opportunity,” Hoff said in a statement. “Combining the strengths of our teams amplifies our abilities to best support the rapidly changing needs of the aging community. It is with great pleasure that we welcome Richfield Living to our team.”

Friendship now has four campuses in the Roanoke region: Richfield Living, Salem Terrace, Friendship north campus and Friendship south campus.