Just months after their company was acquired by Universal Health Services, the management team of Psychiatric Solutions is back in business with a behavioral health care company.
Joey Jacobs and four other PSI team members have invested $20 million in Acadia Healthcare, joining the six-psychiatric-facility firm’s management team and lining up a deal to acquire 13 additional facilities by the end of the month. When the deal is done, Acadia will have some 1,700 beds and some $260 million in annual revenue.
“We’re very excited and we think that another psychiatric hospital company, pure-play company, will be of interest and value,” Jacobs told NashvillePost.com this morning.
Jacobs is now chairman and CEO of Acadia, a company formed in 2005 and backed by Chicago-based Waud Capital Partners. Acadia is in the process of relocating to Franklin. Jacobs said he is looking for about 12,000 square feet of space in the Cool Springs area near the Embassy Suites.
Psych Solutions' former EVP of finance and administration, Brent Turner, is Acadia’s co-president, a role he shares with Acadia’s former President and CEO Trey Carter. Ron Fincher is Acadia’s COO, Jack Polson is CFO, and Chris Howard is general counsel. Karen Prince, former Acadia COO, is serving as president of the company’s eastern division.
Jacobs declined to name the company from which Acadia is acquiring its next 13 facilities, but NashvillePost.com sources have identified Youth & Family Centered Services in Austin, Texas. The company operates 13 residential treatment centers in eight states and has shopped for buyers in the past, according to Post sources.
Moving forward, Jacobs said Acadia will pursue additional acquisitions and grow its local employee ranks to 100 workers. Similar to PSI, Acadia will acquire freestanding acute psychiatric hospitals and residential treatment centers, aiming for the business to be split evenly between the two segments.
Psychiatric Solutions was purchased by Universal Health Services (Ticker: UHS) for $3.1 billion in November.