Acadia Healthcare CEO Joey Jacobs will pocket about $10 million by selling 200,000 of his Acadia shares as part of a secondary stock offering this week.
Jacobs and other executives are joining investors Waud Capital Partners and Bain Capital Investors in the sale of 2.8 million Acadia shares that they are holding, the company said in financial filing posted Friday.
Acadia, one of the nation's largest behavioral health chains, will receive no proceeds from the stock sale to the public, the company said.
The offering is priced at $50.69 per share and set to take place Aug. 22.
In addition to the 200,000 shares Jacobs will sell, the Jeremy Brent Jacobs GST Non-Exempt Trust will sell 150,000 shares and the Scott Douglas Jacobs GST Non-Exempt Trust another 150,000 shares, the disclosure notes.
Jacobs will continue to own 538,422 shares after the sale of the total 500,000 shares between his personal stake and that of the trusts, the document shows.
Waud Capital and some of its affiliates plan to sell 984,075 shares for proceeds of about $49.9 million. It will be left with 1.2 million shares or about 1.4% of outstanding shares, the disclosure shows.
Bain Capital is selling its entire 1.1% stake in Acadia during the offering, or 998,438 shares, for about $50.6 million.
At June 30, 2017, Acadia operated 576 behavioral healthcare facilities with approximately 17,300 beds in 39 states, the United Kingdom and Puerto Rico.