Acadia Healthcare Signs Definitive Agreement to Acquire Three Acute Inpatient Psychiatric Facilities with 166 Beds
January 05 2012 - 4:00PM
Business Wire
Acadia Healthcare Company, Inc. (“Acadia” or the “Company”)
(NASDAQ: ACHC) today announced that it has signed a definitive
agreement to acquire three inpatient psychiatric hospitals from
Haven Behavioral Healthcare for $91 million in cash. The
facilities, with an aggregate of 166 acute inpatient psychiatric
beds and total revenues of approximately $43 million for the 12
months ended September 30, 2011, are located in Tucson, Arizona,
Wichita Falls, Texas, and Ada, Oklahoma, respectively. The
transaction will be funded with the net proceeds of Acadia’s
December 2011 equity offering, as well as a partial draw on the
Company’s revolving line of credit. Acadia expects to complete the
transaction, which is subject to customary closing conditions, by
the end of the first quarter of 2012.
Joey Jacobs, Chairman and Chief Executive Officer of Acadia,
commented, “Our agreement to acquire three acute psychiatric
inpatient facilities represents a great start to 2012. In addition
to the expansion of our team of experienced and dedicated
behavioral health care professionals, we expect this accretive
transaction will produce incremental annualized earnings of
approximately $0.20 to $0.22 per diluted share and improve our
payor mix by increasing our percentage of acute psychiatric
revenue. We plan to increase the number of acute beds at each
facility during 2012 to meet the needs of patients in these markets
and to support our initiatives to increase the facilities’ organic
growth by providing a broader range of services and enhancing
marketing efforts. This transaction is consistent with the
continuing opportunities we see to selectively pursue additional
acquisitions in the highly fragmented market for behavioral health
care services.”
Risk Factors
This news release contains forward-looking statements.
Generally, words such as “may,” “will,” “should,” “could,”
“anticipate,” “expect,” “intend,” “estimate,” “plan,” “continue,”
and “believe” or the negative of or other variation on these and
other similar expressions identify forward-looking statements.
These forward-looking statements are made only as of the date of
this news release. We do not undertake to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise. Forward-looking statements are based on
current expectations and involve risks and uncertainties and our
future results could differ significantly from those expressed or
implied by our forward-looking statements. Factors that may cause
actual results to differ materially include, without limitation,
(i) Acadia’s ability to complete the acquisition and successfully
integrate the operations of the facilities to be acquired; (ii)
potential reductions in payments received by Acadia and the Haven
facilities from the government and third-party payors; (iii) the
risk that Acadia may not generate sufficient cash from operations
to service its debt and meet its working capital and capital
expenditure requirements; and (iv) potential operating
difficulties, client preferences, changes in competition and
general economic or industry conditions that may prevent Acadia
from realizing the expected benefits of the transaction. These
factors and others are more fully described in Acadia’s periodic
reports and other filings with the SEC.
About Acadia
Acadia is a provider of inpatient behavioral health care
services. Acadia operates a network of 29 behavioral health
facilities with approximately 1,970 licensed beds in 18 states.
Acadia provides psychiatric and chemical dependency services to its
patients in a variety of settings, including inpatient psychiatric
hospitals, residential treatment centers, outpatient clinics and
therapeutic school-based programs.
Acadia Healthcare (NASDAQ:ACHC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Acadia Healthcare (NASDAQ:ACHC)
Historical Stock Chart
From Jul 2023 to Jul 2024