Haven Behavioral Healthcare Sells Three Hospitals

Acadia Healthcare Company Inc. (Nasdaq: ACHC) announced today it has signed a definitive agreement to acquire three inpatient psychiatric hospitals for $91 million in cash. The facilities are located in Tucson, Ariz., Wichita Falls, Texas and Ada, Okla., and were purchased from Haven Behavioral Healthcare . They have an aggregate of 166 acute inpatient psychiatric beds and total revenues of about $43 million.

Joey Jacobs, chairman and CEO of Acadia, said the deal represents a “great start to 2012” for Acadia, adding he expects the transaction will produce incremental annualized earnings of 20 cents to 22 cents per diluted share.

“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,” Jacobs said.

The transaction will be funded with the net proceeds of Acadia’s December public offering of 8.33 million shares at a public offering price of $7.50 per share, as well as a partial draw on the company’s revolving line of credit.

Acadia expects to complete the transaction by the end of the first quarter of 2012.

Based in Franklin, Acadia operates a network of 29 behavioral health facilities with about 1,970 licensed beds in 18 states. Nashville-based Haven is a specialty behavioral health services provider and was formed in 2006.