Acadia to raise an extra $51M via stock sale

Top shareholder opts out of greenshoe

An Acadia Healthcare stock offering that will help the company break into the United Kingdom has grown by more than $50 million.

Franklin-based Acadia earlier this week said it planned to sell $340 million worth of shares to cover about half of its acquisition of Partnerships in Care. Late Wednesday, the company said it had granted its underwriters the option to sell another 1.15 million shares at $44 each, which is about 5 percent below where they closed Monday. Selling about $390 million in stock means Chairman and CEO Joey Jacobs and his team will need to raise about $290 million in senior debt to wrap up their purchase of Partnerships in Care. (Search here for '681' to see the company's earlier financing estimates.)

Acadia's move came after Waud Capital, the Chicago investment firm that funded Acadia in its early days, declined to pick up its option to bring to market more than 1 million shares. Following the completion of the offering, Waud will own about 20 percent of Acadia.

Shares of Acadia (Ticker: ACHC) traded down about 1 percent to $44.35 in Wednesday's after-hours action. Year to date, they're down about 5 percent.