Acadia Healthcare Company, Inc. today announced two agreements to purchase an aggregate of eight inpatient psychiatric facilities with approximately 600 beds.
The company has agreed to purchase Behavioral Centers of America (BCA), LLC, which is headquartered in Nashville, TN. BCA operates three inpatient psychiatric facilities and one psychiatric hospital within a hospital. The facilities are located in Ohio, Michigan and Texas and have 278 licensed inpatient beds, over 90% of which are acute inpatient beds. The facilities produced revenues of $60.5 million for the twelve months ended September 30, 2012. Acadia expects to complete the transaction, which is subject to customary closing conditions, in late December 2012.
The company also has agreed to acquire AmiCare Behavioral Centers, headquartered in Fayetteville, AR. AmiCare operates four inpatient psychiatric facilities in Arkansas that have 330 licensed inpatient beds, nearly 70% of which are acute inpatient beds. The facilities produced revenues of $61.7 million for the twelve months ended September 30, 2012. Acadia expects to complete the transaction, which is subject to customary closing conditions, in late December 2012.
Joey Jacobs, Chairman and Chief Executive Officer of Acadia, commented, "Today's announcement provides further evidence of both our continuing opportunities to purchase well-run inpatient psychiatric facilities with high quality professional staffs and our ability to execute on these opportunities. In addition to providing Acadia our first entry into Ohio, which is our 21st state, these transactions will significantly expand our beds in operation. We continue to consider additional acquisition opportunities in the fragmented inpatient behavioral health industry."
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