FRANKLIN, Tenn. — Acadia Healthcare Co., a Franklin, Tenn.-based behavioral health facility network provider, signed a $91 million agreement to acquire three inpatient psychiatric hospitals from Haven Behavioral Healthcare.
The facilities — located in Tucson, Ariz., Wichita Falls, Texas, and Ada, Okla. —include a total of 166 acute inpatient psychiatric beds and total revenues of approximately $43 million for the 12-month period ended Sept. 30, 2011.
The purchase will be funded by Acadia’s net process from its December 2011 equity offering, along with a partial draw on the company’s revolving line of credit.
The company expects to complete the transaction by the end of the first quarter of 2012.
“Our agreement to acquire three acute psychiatric inpatient facilities represents a great start to 2012,” said Joey Jacobs, chairman and chief executive officer of Acadia.
Jacobs said the company expects to produce incremental annualized earnings of 20 cents to 22 cents per diluted share.
“We plan to increase the number of acute beds at each facility during 2012 to meet the needs of patients in these markets and to support our initiatives to increase the facilities’ organic growth by providing a broader range of services and enhancing marketing efforts,” Jacobs said. “This transaction is consistent with the continuing opportunities we see to selectively pursue additional acquisitions in the highly fragmented market for behavioral health care services.”