Deal-hungry Acadia Healthcare gobbles down another one

Acadia Healthcare Co., the Franklin, Tenn.-based operator of behavioral health hospitals, posted a 76.8% increase in net income in the third quarter and announced that it is about to get even larger.

The publicly traded chain, which credited its strong financial results in large part to its acquisition strategy, said it has entered into a deal to acquire CRC Health Group, a Cupertino, Calif.-based operator of behavioral health facilities that counts private equity firm Bain Capital Partners as a long-time investor.

Acadia will pay $1.2 billion for CRC in a stock transaction expected to close in the first quarter.

The chain in the third quarter also closed on its acquisition of U.K.-based Partnerships in Care and added McCallum Place, an eating disorder treatment facility with programs in St. Louis and Austin, Texas.

Acadia will continue to look for new acquisitions in the U.S. and U.K., the company said in a news release.

In total, the chain reported $25.4 million in net income on $294.5 million in revenue in the third quarter, up from $14.4 million in net income on $184.7 million in revenue during the same period last year.

Hospitals already in its portfolio contributed 9.9% of its revenue growth as it saw an 11.2% increase in patient days. However, revenue per patient day declined 1.2%.

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