Invesque’s leadership team will be revamped as a result of Adlai Chester’s promotion to CEO.

Chester will move up from his CFO post on May 10, Invesque announced. The promotion comes after Chester agreed to purchase an additional 30.2% ownership stake in the healthcare real estate firm for $846,875.

Chester has been with the company since 2017 and has two decades of finance, real estate, investment, development, and capital markets experience. He will succeed Scott White, who will continue to chair Invesque and remain with the company in an advisory role.

The change at the top will result in a broader shuffe.

Quinn Haselhorst will assume into the CFO position from Chester. Haselhorst has worked for Invesque since its formation in 2015 and is currently senior vice-president of finance. 

Haselhorst is a chartered professional accounted and 15 years of accounting and finance experience primarily in the healthcare real estate industry.

Invesque also announced plants to reduce the size of its board to five members ahead of a June 30 annual general meeting.

Randy Maultsby has resigned as a director. He was Tiptree’s nominee on the board until the company sold all of its Invesque shares to incoming CEO Chester.

Gail Steinel is expected to become Invesque’s lead independent director. She has served on the board since 2021 and is also a long-time Federal Realty Investment Trust director.

Invesque invests in a portfolio of mainly private-pay seniors communities located in Ontario and the U.S. As a public company that trades on the Toronto Stock Exchange, Invesque is legally based in the Ontario capital. But most of the firm’s assets are located in the U.S.

The portfolio includes independent living, assisted living, and memory care facilities which are operated with partners under long-term leases and joint-venture arrangements.

Chester is slated to acquire his increased stake through IVQ Stock Holding Company (ISHC), which he controls.

Tiptree will no longer own or control any shares in the company.

Chester already owns 212,907 shares through ISHC. Upon completion, the acquisition will give him and ISHC a total of 17,195,190 shares, or 30.6% of the company.