Acadia Healthcare signs agreement to purchase two acute inpatient psychiatric facilities

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”

"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."