CUPERTINO, Calif.,
Oct. 29, 2014 /PRNewswire/ -- CRC Health Group, Inc., the
largest provider of specialized behavioral health care services in
the U.S., today announced that it has entered into a definitive
agreement to be acquired by Acadia Healthcare Company, Inc.
(NASDAQ: ACHC). The acquisition of CRC Health Group will
expand Acadia's current presence in addiction and mental health
services, and the combined company will be one of the largest and
most capable in the behavioral health field.
A market leader in behavioral health with over 140 programs
treating 44,000 patients per day, CRC Health Group represents a
strong addition to the Acadia business, which provides specialized
treatment in helping children, adolescents, adults and seniors
suffering from mental health disorders and/or alcohol and drug
addiction.
"We are excited to join forces with Acadia to further expand the
capabilities of the company and offer the people we serve a fully
comprehensive, nationwide system of behavioral health services,"
said Jerry Rhodes, CEO of CRC Health
Group. "The extensive addiction treatment services delivered
by our talented team members are a natural complement to Acadia's
network of specialized residential and outpatient facilities.
Together we will grow and excel by providing industry-leading
patient care at a time of profound need in behavioral
healthcare."
"We expect our combination with CRC to be a great transaction
for both Acadia and CRC," said Joey
Jacobs, Chairman and Chief Executive Officer of Acadia.
"We believe the addiction treatment markets that CRC serves
represent a very meaningful and accretive growth opportunity.
As a well-established market leader, CRC will provide Acadia
with an outstanding platform for growth in this fragmented
market. We further expect to support CRC in taking advantage
of additional growth opportunities through both our access to
capital and the expertise evident in the successful long-term
growth record of Acadia's management team."
The transaction is expected to close in the first quarter of
2015, and is subject to regulatory review and customary closing
conditions.
Citi is acting as financial advisor, and Ropes & Gray LLP is
acting as legal advisor, to CRC Health Group on the
transaction.
About CRC Health Group
Headquartered in Cupertino, California, CRC Health Group is the
largest provider of specialized behavioral health care services in
the U.S. Each day, CRC employees treat more than 44,000
people with evidence based and outcome oriented approaches to
behavioral health issues such as drug and alcohol addiction,
specialized opiate addiction, weight management, eating disorders,
and other behavioral issues. The company operates residential
treatment facilities, outpatient clinics, medication assisted
treatment programs, outdoor wilderness camps, and a variety of
other therapeutic programs. CRC is committed to making its
services widely and easily available at its 145 facilities
throughout the U.S., while maintaining a passion for delivering
advanced treatment. For more information, visit
www.crchealth.com.
About Acadia
Acadia is a provider of inpatient
behavioral healthcare services. Acadia operates a network of 76
behavioral healthcare facilities with approximately 5,800 licensed
beds in 24 states, the United
Kingdom and Puerto Rico.
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.
SOURCE CRC Health Group