Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced the purchase of Park Royal Hospital, a 76-bed acute inpatient psychiatric hospital in Ft. Myers, Fla., for approximately $33.4 million in cash and assumed debt. This facility opened in March 2012 and can be expanded to 114 beds within the existing facility. This facility is ramping up its patient census and, as a result, is expected to have a neutral impact on Acadia’s earnings guidance for 2012. The facility is expected to be accretive to Acadia’s earnings for 2013.
Joey Jacobs, Chairman and Chief Executive Officer of Acadia, commented, “We are very pleased to announce this purchase of a new facility in an attractive, underserved market. We welcome the facility’s strong team of skilled professionals to Acadia, and we are confident of our ability to continue building the facility’s census. Consistent with our acquisition strategy, we believe Park Royal has the potential to produce significant long-term organic growth. We are also continuing to evaluate additional acquisition opportunities in the fragmented inpatient behavioral health industry.”
This news release contains forward-looking statements. Generally words such as “may,” “will,” “should,” “could,” “anticipate,” “expect,” “intend,” “estimate,” “plan,” “continue,” and “believe” or the negative of or other variation on these and other similar expressions identify forward-looking statements. These forward-looking statements are made only as of the date of this news release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are based on current expectations and involve risks and uncertainties and our future results could differ significantly from those expressed or implied by our forward-looking statements. Factors that may cause actual results to differ materially include, without limitation, (i) Acadia’s ability to complete acquisitions and successfully integrate the operations of the acquired facilities; (ii) Acadia’s ability to add beds, expand services, enhance marketing programs and improve efficiencies at its facilities; (iii) potential reductions in payments received by Acadia from the government and third-party payors; (iv) the risk that Acadia may not generate sufficient cash from operations to service its debt and meet its working capital and capital expenditure requirements; and (v) potential operating difficulties, client preferences, changes in competition and general economic or industry conditions that may prevent Acadia from realizing the expected benefits of its business strategy. These factors and others are more fully described in Acadia’s periodic reports and other filings with the SEC.