Inpatient behavioral healthcare company Acadia Healthcare, Franklin, Tenn., announced its intention to sell 10.6 million to 12.2 million shares in a public offering priced at $22.50 a share, according to a news release
The $158 million to $181 million in proceeds from shares sold by Acadia mainly will be used to help fund previously announced deals to acquire Behavioral Centers of America for $145 million in cash and AmiCare Behavioral Centers for $113 million in cash
The offering would reduce Chicago-based investment firm Waud Capital Partners' ownership in Acadia to as low as 30.7% of the company from its current 43.6%, according to the preliminary prospectus
The proposed stock offering would be valued at about $238 million to $274 million, with Waud receiving $80.5 million to $92.5 million of that, depending on whether the underwriters expand the offering.
Waud Capital officials could not be reached for comment. The investment firm had reduced its ownership by more than 12% to its current level in May through a public offering that valued Acadia at $15.50 a share, according to a prospectus
Acadia operates 34 behavioral health facilities in 20 states, according to the company.