Pioneer Behavioral Health, a leading provider of inpatient and outpatient behavioral health services operating under PHC Inc., today announced that it recently completed its acquisition of MeadowWood Behavioral Health, located in New Castle, Delaware.
The acquisition offers PHC entrance into a new market and feeds the company’s mission of securing a stronger position nationwide. Pioneer anticipates expanding the MeadowWood facility itself, and said it is seeking approval to add about 36 beds to the facility in the next year.
“The combination of PHC and MeadowWood Behavioral Health furthers our goal of creating a national footprint and creates a stronger company, and this acquisition is highly synergistic to PHC,” Bruce A. Shear, Pioneer’s president and CEO stated in the press release.
MeadowWood generated $14.6 million in revenues for the 12 months ended Dec. 31, 2010, accounting for approximately 30 percent of fiscal 2010 full-year patient care revenue.
PHC’s plan is to improve efficiency by keeping the current staff at MeadowWood under PHC management, thereby spreading more beds across the same operating leadership.
“We are excited to add the MeadowWood facility, including its skilled and experienced health care team which has a reputation for high quality care, to the PHC organization,” Shear stated. “In addition, MeadowWood’s margins should help improve PHC’s margins after the acquisition is fully integrated into the PHC system. We expect this transaction to be immediately accretive and represent a future growth opportunity for our company.”
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