Partnerships in Care (PiC) announces today that the company has entered into an agreement to be acquired by Acadia Healthcare Company, Inc. for approximately $660 million. PiC expects the acquisition to be completed on July 1, 2014.
PiC is the leading independent sector provider of secure and rehabilitation mental healthcare in the UK. It operates more than 1,200 beds across 23 hospitals, providing care and treatment for patients diagnosed with a mental illness, personality disorder, learning disability, brain injury or autism.
Acadia Healthcare is a provider of inpatient behavioural healthcare services. Acadia Healthcare operates a network of 52 behavioural healthcare facilities with more than 4,300 licensed beds in 24 states in the US and Puerto Rico. Acadia Healthcare provides psychiatric and chemical dependency services to its patients in a variety of settings, including inpatient psychiatric hospitals, residential treatment centres, outpatient clinics and therapeutic school-based programs.
Joy Chamberlain, Chief Executive Officer at PiC, said:
"Working in partnership with the NHS, PiC has consistently sought to develop high quality services in areas of unmet need. The new ownership by Acadia Healthcare will enable PiC to expand and diversify our portfolio further to offer patients and commissioners genuine choice across the spectrum of mental health care. Acadia Healthcare shares our culture of compassionate care, and believes, as we do, that it is the foundation of our past and future success."
Joey Jacobs, Chairman and Chief Executive Officer of Acadia Healthcare, commented:
"We believe our combination with PiC will be a great transaction for both Acadia Healthcare and PiC. We expect to support PiC's strong management team in taking advantage of additional growth opportunities in the UK through both our access to capital and the expertise evident in the successful long-term growth record of Acadia Healthcare's management team."
Moelis & Company acted as exclusive financial advisor to PiC in connection with the transaction and Freshfields as legal adviser.