Acadia pays $1.2 billion for California company
Send this to a friend
- Eleanor Kennedy
- Staff Reporter- Nashville Business Journal
- Email | Twitter
Franklin-based Acadia Healthcare Co. announced two acquisitions in its third-quarter earnings report, including the $1.2 billion purchase of California-based CRC Health Group Inc.
Acadia also recently acquired McCallum Place, an 85-bed eating disorder treatment facility offering residential, partial hospitalization and intensive outpatient treatment programs located in St. Louis, Missouri and Austin, Texas, according to the earnings release. The purchase price for McCallum Place was not disclosed.
CRC, which Acadia calls the "nation's largest specialized behavioral health care provider," provides substance abuse treatment and other specialty programs through 36 residential facilities and 84 comprehensive treatment facilities. The company treats approximately 40,000 patients daily, and its facilities are expected to produce aggregate 2014 revenues of approximately $450 million, the release says.
The deal, which includes up to approximately 6.3 million shares of Acadia's common stock and the assumption of CRC's debt, is expected to close in the first quarter of 2015.
The CRC buy is the latest in a long string of acquisitions for rapidly growing behavioral health provider Acadia, which earlier this year extended its reach to England with the $662-million purchase of U.K.-based Partnerships in Care.
Acadia's acquisitive year helped spur a 100 percent increase in year-to-date net income, from $30.3 million as of Sept. 30, 2013 to $60.9 million as of the same date this year.
Acadia President Brent Turner and CEO Joey Jacobs have previously expressed confidence the company will hit $1 billion in revenue by the end of this year.
Want Nashville news in your inbox? Click here to sign up for our email newsletters.
Eleanor Kennedy covers Nashville's health care and technology industries.
Most Popular
- Most popular
- Emailed
- Mobile
- Public Paychecks: Williamson County government's top (and least) paid
- Star of 'American Pickers' keeps investing in Nashville real estate
- Dean slams brakes on the Amp
- Infamous ex-Nashville chef closes one restaurant, opens another
- Christie Cookie founder opening new restaurant concept
- Sources: Boston investors buying Nashville tower for nearly $100M
- First Baptist Church reaches new deal to sell downtown land
- Marcus Whitney leaves Moontoast to become Jumpstart president
- A peek at Gulch Crossing, and a look ahead to the next one
- Major Nashville contractor moving to the Gulch
Email Subscriptions
Sponsored by
People on the Move
-
Multimedia Marketing Specialist NOVACOPY | Nashville, TN
-
Sales Executive Ravensberg, Incorporated | Nashville, TN
-
Collections Coordinator Creative Financial Staffing | Nashville, TN
-
Entry Level Marketing / Marketing Training / Manager Trainee SOUTH, INC. | Nashville, TN
-
Aflac Bilingual (Spanish) Sales Representative - Agent: Insurance. Entry Level OK. Training Provided Aflac-CR | Nashville, TN
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.