Acadia Healthcare today announced the purchase of Delta Medical Center, a 243-bed acute inpatient psychiatric hospital in Memphis.
Financial terms of the deal were not disclosed.
“The purchase of Delta Medical Center represents a great opportunity for Acadia to enter the Memphis market with a high quality facility and an outstanding medical staff,” Joey Jacobs, Acadia chairman and chief executive officer, said in a release. “It also gives us the opportunity to treat acute inpatient psychiatric patients with medical complications.”
Jacobs (pictured) said the transaction will be accretive to the company’s financial results and that Delta Medical Center has "significant capacity" for expansion.
The purchase is the second Franklin-based Acadia (Ticker: ACHC) has completed this year. In January, the company announced it had bought for an undisclosed sum Greenleaf Center in Valdosta, Ga. (Read more here.)
In addition, in November 2012, Acadia announced it would pay a combined $258 million in cash for Behavioral Centers of America, which runs eight psychiatric facilities in Michigan, Ohio and Texas, and for AmiCare Behavioral Centers, the operator of five properties in Arkansas. (Read more here.)
Jacobs said the company will “continue to evaluate additional transactions in the fragmented and underserved inpatient psychiatric market.”
Shares of Acadia were up 44 cents (1.72 percent) in early afternoon trading.
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