Quick Draw Capital
Thu, Jul. 14, 10:13 AM
- Acadia Healthcare (ACHC -2.7%) eases on light volume in response to its announcement that the U.K.'s Competition and Markets Authority (CMA) is having a bit of a problem with its acquisition of Priory Group, a leading provider of behavioral healthcare services there. Acadia finalized its purchase of the firm from private equity outfit Advent International for $2.2B in February.
- CMA is apparently concerned about the potential lessening of competition regarding the delivery of behavioral healthcare services in certain markets. At present, it has categorized its investigation as Phase 2, which is a more in-depth assessment of the merger than a Phase 1 assessment that will take ~nine months to complete. During this period, the "hold-separate" requirements will remain in place.
- CEO Joey Jacobs says, "We are disappointed by the CMA's decision to refer this transaction for a Phase 2 investigation. We fully intend to explore how best to satisfy the CMA's concerns and to respond to the CMA with our undertakings prior to the deadline of July 21. If we provide undertakings, we expect the CMA will communicate its response [ ] by July 28."
- Management will host a conference call at 10:30 am ET to discuss the situation.
Mon, Jan. 4, 8:11 AM
- Acadia Healthcare (NASDAQ:ACHC) acquires Priory Group, a leading provider of behavioral healthcare services in the United Kingdom, for ~$2.2B in cash and stock. Priory operates more than 300 facilities with ~7,200 beds. In 2015, it is expected to generate ~$865M in revenues and $196M in non-GAAP EBITDA.
- Under the terms of the deal, Acadia will issue 5.363M shares of common stock plus pay ~$1.887B (₤1.275B) in cash, including ~$1.369B (₤925M) to repay Priory outstanding debt.
- The deal greatly expands Acadia's footprint in the UK from its present 54 inpatients facilities with ~2,200 beds. It will add $0.38 to $0.42 to non-GAAP EPS.
Jun. 3, 2014, 1:47 PM
- Acadia Healthcare (ACHC +16.7%) acquires Partnerships in Care, the U.K.'s second-largest independent behavioral health provider for $660M in cash. The British firm operates 23 inpatient psychiatric facilities with over 1,200 beds. Last year, it generated $285M in revenues and adjusted EBITDA of $75M.
- The transaction will be accretive to 2014 earnings in the range of $0.17 - 0.20/diluted share.
Jan. 8, 2013, 11:54 AM
Acadia Healthcare (ACHC +3.3%) announces the recent acquistion of Greenleaf Center, a 50-bed acute inpatient psychiatric facility located in Valdosta, Georgia. ACHC purchased the facility from South Georgia Medical Center, a non-profit health system in a transaction that was completed January 1.| Jan. 8, 2013, 11:54 AM