Acadia Healthcare Announces Definitive Agreement to Sell U.K. Operations
December 30 2020 - 8:00AM
Business Wire
Acadia Healthcare Company, Inc. (NASDAQ: ACHC) (“Acadia” or the
“Company”) today announced that it has entered into a definitive
agreement to sell its U.K. operations to Waterland Private Equity
(“Waterland”) for a purchase price of approximately £1,078 million.
The Company expects the sale to result in proceeds of approximately
$1,350 million, net of transaction costs and the settlement of
existing foreign currency hedging liabilities and based on the
current GBP/USD exchange rate. The proposed transaction is expected
to close in January 2021. The transaction includes the sale of the
entirety of Acadia’s U.K. business operations, which are operated
under the name of The Priory Group (the “Priory Business”).
Commenting on the announcement, Debbie Osteen, Chief Executive
Officer of Acadia, stated, “We are pleased to announce that we have
entered into a definitive agreement to sell the Priory Business to
Waterland. Since announcing our decision to explore strategic
alternatives with respect to the Priory Business, our primary
objective has always been to complete a transaction that would
maximize value for our stockholders. Following a comprehensive
process, we believe we have achieved this objective. We intend to
use the proceeds to pay down debt and for other corporate purposes.
We believe we are well positioned to meet the strong demand for
mental health and substance use treatment across the U.S. We will
continue to focus on delivering the highest level of patient care
and advancing our position as a leading behavioral healthcare
facilities operator in the U.S.”
About Acadia
Acadia is a leading provider of behavioral healthcare services.
As of September 30, 2020, Acadia operated a network of 582
behavioral healthcare facilities with approximately 18,300 beds in
40 states, the United Kingdom and Puerto Rico. Acadia provides
behavioral healthcare services to its patients in a variety of
settings, including inpatient psychiatric hospitals, specialty
treatment facilities, residential treatment centers and outpatient
clinics.
About Waterland
Waterland is an independent private equity investment group that
supports entrepreneurs in realizing their growth ambitions. With
substantial financial resources and committed industry expertise,
Waterland enables its portfolio companies to achieve accelerated
growth both organically and through acquisitions. Waterland has
offices in the Netherlands (Bussum), Belgium (Antwerp), Germany
(Munich and Hamburg), Poland (Warsaw), the UK (Manchester), Denmark
(Copenhagen), Ireland (Dublin), Switzerland (Zurich) and France
(Paris), and currently manages EUR 8 billion of investor
commitments. Since its founding in 1999, Waterland has consistently
achieved top-tier investment performance.
Forward-Looking Statements
Statement in this press release that relate to the Company’s
future plans, objectives, expectations, performance, events and the
like may constitute “forward-looking statements” within the meaning
of the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act and Section
21E of the Exchange Act. Forward-looking statements are statements
that are not historical facts and can be identified by the use of
forward‑looking terminology such as “believe,” “expect,” “may,”
“will,” “likely,” “could,” “should,” “project,” “could,” “plan,”
“goal,” “potential,” “pro forma,” “seek,” “estimate,” “intend” or
“anticipate” or the negative thereof, and may include statements
regarding expected timing, purchase price, net proceeds, costs,
effects, plans, objectives, expectations or consequences of entry
into the Share Purchase Agreement (“SPA”), the completion of the
sale under the SPA and the use of proceeds therefrom and statements
about the expected benefits of the proposed sale and the impact of
the proposed sale on the Company’s business, financial results,
opportunities and future plans. Such forward-looking statements are
subject to a number of risks and uncertainties that could cause
actual results to differ materially from those anticipated,
including uncertainties regarding the entry into, and the
completion of the sale pursuant to, the SPA, the purchase price,
the Company’s ability to achieve intended benefits of the sale, the
expected costs of the transaction and other risks and uncertainties
detailed in the Company’s filings with the Securities and Exchange
Commission (the “SEC”), including under “Item 1A. Risk Factors” in
the Company’s Annual Report on Form 10-K for the year ended
December 31, 2019, “Item 1A. Risk Factors” in the Company’s
Quarterly Report on Form 10-Q for the quarter ended September 30,
2020 and the Company’s subsequent filings with the SEC. All
forward-looking statements speak only as of the date hereof and are
based on current information, expectations and estimates and
involve risks, uncertainties, assumptions and other factors that
are difficult to predict and that could cause actual results and
events to vary materially from what is expressed in or indicated by
the forward-looking statements. The Company assumes no obligation
to update any forward-looking statements to reflect events that
occur or circumstances that exist after the date on which they were
made.
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version on businesswire.com: https://www.businesswire.com/news/home/20201230005155/en/
Gretchen Hommrich Director, Investor Relations (615)
861-6000
Acadia Healthcare (NASDAQ:ACHC)
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