Acadia Healthcare Announces Definitive Agreement to Purchase 85-Bed Inpatient Psychiatric Facility in Florida
<0> Acadia Healthcare Company, Inc.Brent Turner, 615-861-6000President </0>
Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced that it has signed a definitive agreement for the purchase of The Refuge, a Healing Place, an inpatient psychiatric facility near Ocala, Florida licensed for 85 beds. The Company expects to complete the purchase of the facility, which produced revenues for 2012 of approximately $10 million, during the third quarter of 2013, subject to normal closing conditions.
“We are pleased with our agreement to purchase this high quality specialty inpatient psychiatric facility, which is the second transaction we have announced in Florida in 2013,” said Joey Jacobs, Chairman and Chief Executive Officer of Acadia. “Consistent with our ongoing acquisition strategy, we expect this transaction to be accretive to our financial results and to represent a long-term growth opportunity for Acadia.”
Judy Crane, founder and executive director of The Refuge, added, “We are excited about the possibilities that Acadia brings to The Refuge. With Acadia’s support and resources, The Refuge will further develop our extraordinary work of healing and enriching the lives of trauma survivors and their families. We will continue to provide exceptional treatment in substance abuse, detox and process addictions with our dedicated staff.”
This news release contains forward-looking statements. Generally words such as “may,” “will,” “should,” “could,” “anticipate,” “expect,” “intend,” “estimate,” “plan,” “continue,” and “believe” or the negative of or other variation on these and other similar expressions identify forward-looking statements. These forward-looking statements are made only as of the date of this news release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are based on current expectations and involve risks and uncertainties and our future results could differ significantly from those expressed or implied by our forward-looking statements. Factors that may cause actual results to differ materially include, without limitation, (i) Acadia’s ability to obtain financing for future acquisitions within timeframes and on terms acceptable to Acadia, if at all; (ii) Acadia’s ability to complete acquisitions and successfully integrate the operations of the acquired facilities; (iii) Acadia’s ability to add beds, expand services, enhance marketing programs and improve efficiencies at its facilities; (iv) potential reductions in payments received by Acadia from the government and third-party payors; (v) the risk that Acadia may not generate sufficient cash from operations to service its debt and meet its working capital and capital expenditure requirements; and (vi) potential operating difficulties, client preferences, changes in competition and general economic or industry conditions that may prevent Acadia from realizing the expected benefits of its business strategy. These factors and others are more fully described in Acadia’s periodic reports and other filings with the SEC.
Acadia is a provider of inpatient behavioral healthcare services. Acadia operates a network of 46 behavioral healthcare facilities with approximately 3,700 licensed beds in 21 states 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.