The combined entity will operate as a nonprofit organization. Neal Cash, president and CEO of Community Partners, will serve as the organization’s chief strategy officer. Vanessa Seaney, COO of Community Partners, will serve as president and CEO of the merged entity.
The financial terms of the transaction were not disclosed.
“Consolidation has to occur to achieve the kind of economies of scale you need in this new kind of environment,” Mr. Cash told the Arizona Daily Star. “It’s like every other business. Whether it’s good or bad, the mom and pop shops are needing to develop different strategies to survive.”
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