The behavioral health care firm now led by the former Psychiatric Solutions management team has completed a deal to more than triple the company’s size.
Acadia Healthcare, which was joined by Joey Jacobs and four other PSI managers earlier this year, has completed the acquisition of Youth & Family Centered Services, an Austin, Texas-based behavioral health care company that operates 13 residential treatment centers in eight states with more than 1,300 beds.
With the acquisition, terms of which were not disclosed, Acadia grows to 19 facilities in 13 states with about 1,700 beds. Its annual revenues are estimated at $260 million.
Acadia CEO Joey Jacobs said in a statement that the transaction is representative of the deal opportunities Acadia sees in the fragmented behavioral health industry and indicated Acadia will be active on the M&A front in the months ahead.
“As with the YFCS transaction, we expect future acquisitions to be accretive to our financial results and, through organic growth, to have the potential to achieving Acadia’s long-term objectives,” Jacobs said. “With a management team highly experienced in successfully completing behavioral health facility acquisitions and integrating their operations, and with our solid financial position, we are confident of our ability to implement the company’s expansion strategies.”
Acadia Co-President Brent Turner told NashvillePost.com that the deal was funded through investments from longtime Acadia backer Waud Capital Partners, the company’s new management team and financing from Bank of America. He declined to disclose the purchase price.
As a result of the deal, Acadia's corporate office in Franklin could grow to about 50 people by the end of the year, Turner said.