Acadia Healthcare Company, Inc. 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, Ariz., Wichita Falls, Tex., and Ada, Okla., 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.
According to chairman and CEO Joey Jacobs, the company plans to increase the number of acute beds at each facility during 2012 to meet the needs of patients in these markets and support its 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 healthcare services,” Jacobs added.