Acadia preps secondary

Company moves to pay big acquisition tab; PE firm to lower stake to about 30%

Acadia Healthcare plans to raise about $150 million from a secondary share offering that will help it fund its recently announced acquisitions of two regional behavioral health care peers.

Franklin-based Acadia announced Tuesday morning that its main shareholders and a number of insiders also will bring to market some of their holdings. If investors show enough interest, Chicago-based Waud Capital could end up lowering its stake in Acadia from more than 43 percent to less than 31 percent. (See the company's prospectus here.) Chairman, President and CEO Joey Jacobs is the insider offering the most shares and will pocket almost $7 million if underwriters exercise the greenshoe.

Bank of America Merrill Lynch, Citigroup and Jefferies are leading the offering, with help from Raymond James, RBC Capital Markets and Avondale Partners.

The move comes a week after Jacobs and his team said they would pay $258 million to buy Behavioral Centers of America and AmiCare Behavioral Centers, a deal that will add 13 properties in four states to its portfolio. Acadia executives said they had not yet decided how they would fund the purchase, and it now appears they will split the bill pretty evenly between equity and new debt.

Shares of Acadia (Ticker: ACHC) closed Monday trading at $22.83, down about 0.5 percent on the day. Year to date, they're up more than 150 percent.