Acadia Healthcare Completes Previously Announced Acquisition of Three Acute Inpatient Psychiatric Facilities with 166 Beds
March 05 2012 - 6:30AM
Business Wire
Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced
that it has completed the previously announced acquisition of 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 $43.4
million for the 12 months ended December 31, 2011, are located in
Tucson, Arizona, Wichita Falls, Texas, and Ada, Oklahoma, which is
our first facility in Oklahoma.
“This transaction is representative of continuing opportunities
we see in the inpatient behavioral health industry, both to acquire
selective, high quality facilities with outstanding teams that are
leaders in their markets and to expand these facilities through the
addition of new beds, enhanced marketing and a broader range of
services,” remarked Joey Jacobs, Chairman and Chief Executive
Officer of Acadia. “We expect these facilities to produce
incremental annualized earnings for Acadia of approximately $0.20
to $0.22 per diluted share, while improving our payor mix through
increased acute psychiatric revenue and increasing our geographic
revenue diversification.”
Acadia also announced a $70 million expansion of its senior
secured credit facility, which matures April 1, 2016. The increase
consisted of a $25 million addition to facility’s term loan, which
now has a principal balance of approximately $155 million, and a
$45 million addition to the facility’s revolving line of credit to
a total of $75 million. Availability under the revolving line of
credit is now approximately $70 million.
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 acquisitions and successfully
integrate the operations of the facilities to be acquired; (ii)
potential reductions in payments received by Acadia 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 32 behavioral health
facilities with over 2,100 licensed beds in 19 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.
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