Acadia Healthcare to Acquire Two Acute Inpatient Psychiatric Facilities in Puerto Rico and Florida
April 05 2013 - 6:50AM
Business Wire
Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced
that it has signed a definitive purchase agreement with Ten Broeck
Tampa, Inc. and Capestrano Investment Company, Inc. to purchase two
acute inpatient psychiatric facilities. Acadia will acquire the San
Juan Capestrano Hospital in San Juan, Puerto Rico, which is
licensed for 108 beds and has a certificate of need to build 100
additional beds. San Juan Capestrano Hospital produced 2012
revenues of approximately $25 million. Acadia will also acquire a
75-bed facility under construction in Tampa, Florida. The Tampa
facility is scheduled for opening in the first quarter of 2014.
Acadia expects to complete the purchase of these facilities in the
second quarter of 2013, subject to normal closing conditions, for
$91.8 million in cash plus construction costs for the Tampa
facility.
“Through this transaction, we will continue to expand our
geographic footprint, entering the Puerto Rico market for the first
time and strengthening our presence in Florida,” said Joey Jacobs,
Chairman and Chief Executive Officer of Acadia. “These facilities
are in attractive markets and reflect ongoing opportunities to
expand our business through accretive acquisitions. With the highly
skilled and experienced staff joining Acadia in San Juan and the
expansion potential of each facility, we also expect this
transaction to support Acadia’s long-term profitable growth. Upon
completion of the purchase, we will have acquired four inpatient
psychiatric facilities with nearly 500 licensed beds during 2013,
and we are continuing to evaluate additional opportunities in the
fragmented and underserved inpatient psychiatric market.”
Forward-Looking Statements
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 obtain financing for pending and future
acquisitions within timeframes and on terms acceptable to Acadia,
if at all; (ii) Acadia’s ability to complete acquisitions and
successfully integrate the operations of the acquired facilities;
(iii) Acadia’s ability to add beds, expand services, enhance
marketing programs and improve efficiencies at its facilities; (iv)
potential reductions in payments received by Acadia from the
government and third-party payors; (v) 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
(vi) potential operating difficulties, client preferences, changes
in competition and general economic or industry conditions that may
prevent Acadia from realizing the expected benefits of its business
strategy. 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 healthcare
services. Acadia operates a network of 44 behavioral health
facilities with over 3,400 licensed beds in 21 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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