Acadia Healthcare Company, Inc.Brent Turner, 615-861-6000President
Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced that it has signed a definitive purchase agreement with Ten Broeck Tampa, Inc. and Capestrano Investment Company, Inc. to purchase two acute inpatient psychiatric facilities. Acadia will acquire the San Juan Capestrano Hospital in San Juan, Puerto Rico, which is licensed for 108 beds and has a certificate of need to build 100 additional beds. San Juan Capestrano Hospital produced 2012 revenues of approximately $25 million. Acadia will also acquire a 75-bed facility under construction in Tampa, Florida. The Tampa facility is scheduled for opening in the first quarter of 2014. Acadia expects to complete the purchase of these facilities in the second quarter of 2013, subject to normal closing conditions, for $91.8 million in cash plus construction costs for the Tampa facility.
“Through this transaction, we will continue to expand our geographic footprint, entering the Puerto Rico market for the first time and strengthening our presence in Florida,” said Joey Jacobs, Chairman and Chief Executive Officer of Acadia. “These facilities are in attractive markets and reflect ongoing opportunities to expand our business through accretive acquisitions. With the highly skilled and experienced staff joining Acadia in San Juan and the expansion potential of each facility, we also expect this transaction to support Acadia’s long-term profitable growth. Upon completion of the purchase, we will have acquired four inpatient psychiatric facilities with nearly 500 licensed beds during 2013, and we are continuing to evaluate additional opportunities in the fragmented and underserved inpatient psychiatric market.”
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 pending and 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 44 behavioral health facilities with over 3,400 licensed beds in 21 states. 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.