Acadia Healthcare announced its third quarter earnings with revenue at $479.7 million, which represents a 62.9 percent increase from Q3 of 2014.
During the quarter, Acadia completed the acquisitions of eight inpatient facilities with an aggregate of more than 300 beds. Meanwhile, there have been four acquisitions so far in the fourth quarter, including Discovery House, which operates 19 treatment centers in Rhode Island, Pennsylvania, Maine and Utah.
While the price of the deal was not announced, The Street placed the value at $96 million to $120 million, a multiple between eight and 10 times EBITDA. Founded 1989, Discovery House provides medication assisted treatment and is CARF accredited.
According to Acadia, the company has added 1,300-plus beds since 2011. Chairman and CEO Joey Jacobs said in a statement he expects the recent transactions to produce full-year 2015 revenues of more than $50 million.
“The Discovery House transaction is the [comprehensive treatment center] CTC facility that we acquired, and everyday just about you're seeing or you're reading about a story or on ‘60 Minutes’ or on the news media talking about the opiate/heroin addiction issue in the country, so we think that is positioned well,” Jacobs said during the earnings call.