Franklin-based Acadia Healthcare is stepping into the Land of Lincoln for the first by paying $90 million in cash for Timberline Knolls, a 122-bed inpatient behavioral facility in the city of Lemont, near Chicago.
Timberline had recorded revenues approximating $33 million for the 12 months ended June 30. The facility, which Acadia execs expect will add to earnings right away, also will wrap up an 18-bed expansion late this year.
“We are pleased to announce the addition of Timberline Knolls, a growing, profitable and well-run facility to Acadia’s expanding base of inpatient psychiatric facilities,” said Joey Jacobs, Acadia’s chairman and CEO, in a release linked here.
Acadia Healthcare, the behavioral health services provider run by Joey Jacobs and other former Psychiatric Solutions executives, has completed its acquisition of Massachusetts-based PHC and assumed its stock listing. Shares of the combined company Tuesday began changing hands on the Nasdaq under the ticker ACHC, exactly 351 days after Universal Health Services closed on its purchase of Psych Solutions. (We're still wondering whose dog ate the noncompetes.)
True to his track record, Jacobs says he will continue to consolidate the sector. As a reference point, here's Acadia's footprint as of today.
Two New York law firms say they are looking into the proposed acquisition of Massachusetts-based PHC by Acadia Healthcare, the behavioral health venture run by Psychiatric Solutions' former executive team. Both Tripp Levy and Wohl & Fruchter say they want more info on whether PHC's board violated its fiduciary duties.