Behavioral health company Acadia Healthcare has announced three acquisitions, two of which are overseas.
In the United Kingdom, Acadia purchased the behavioral health operations of Care UK, which include 15 inpatient facilities with about 300 beds, while also acquiring a 42-bed inpatient facility from Choice Lifestyles, another U.K. provider. Acadia also purchased the assets of Belmont Behavioral Health, including a 147-bed inpatient behavioral health facility in Philadelphia from the not-for-profit Einstein Healthcare Network.
Franklin, Tenn.-based Acadia paid about $145 million for the facilities, which in total produced about $82 million in revenue in 2014. The U.K. deals were completed June 1, and the Belmont purchase is expected to close July 1.
Acadia's international play comes after competitor Universal Health Services spent $335 million last fall to buy Cygnet Health Care, a company with 15 inpatient behavioral health facilities and two nursing homes in the U.K.
Acadia, meanwhile, already operates 29 hospitals in the U.K.
The deal-hungry company now expects 2015 adjusted earnings per diluted share in the range of $2.12 to $2.15, just a slight change from previous expectations of $2.11 to $2.15.
Joey Jacobs, Acadia's CEO and chairman, said the company will “continue to have robust opportunities” to expand in the U.K. through organic growth and acquisitions. The company is also evaluating more transactions with not-for-profit healthcare providers in the U.S., he said.
“These acquisitions are consistent with our growth strategies and reflect growing demand for behavioral health services in both the U.S. and the U.K.,” Jacobs said, adding that recently raised equity has been put to quick use.
Acadia operates 224 behavioral health facilities with 9,000 beds in 37 states, Puerto Rico and the U.K. As a result of the acquisitions, the company now has 45 inpatient facilities in the U.K. with about 1,800 beds.