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Byline: AMY REEVES
Twenty years ago, Paul Klaassen brought a new idea from Europe to America: assisted living for the elderly. Now, as chief executive of Sunrise Assisted Living Inc., he's trying to export the idea back out with its own American flavor.
Sunrise, which has 170 communities in the U.S., opened two centers in Canada this year. It already runs one in England that's at full capacity, and it plans to open three more in the London area.
Going abroad is an adventure for Sunrise. It had virtually no rivals in the U.S. when it started up in 1981, though now it has many. In Britain, where the assisted-living concept is fairly new, Sunrise faces a fledgling market similar to that of the U.S. two decades ago. But other countries have different landscapes.
"Canada has more of a tradition -- there are assisted-living homes," said Sunrise President Thomas Newell. "We saw opportunities to bring Sunrise's style of assisted living to Toronto and Vancouver and Victoria (British Columbia). So far, so good there."
But the company isn't betting the bank on it.
"They're dipping their toe in the water," said Raymond James analyst James Kumpel. "They're taking on a minority stake in the ventures, and they're really acting more as a development and management adviser."