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July 2, 2014
07:05 EDTACHCAcadia Healthcare completes PiC acquisition for $662M
Acadia Healthcare announced that it completed the previously announced acquisition of Partnerships in Care for approximately $662M in cash. For 2013, PiC produced revenue of approximately $285M and adjusted EBITDA of approximately $75M. Acadia expects that the transaction will be accretive to its FY14 earnings in a range of 17c-18c per diluted share, before transaction-related expenses. The purchase was financed through a combination of equity and long-term debt. On June 17, Acadia closed an underwritten public offering of its common stock, which provided net proceeds to the company of approximately $374M. On July 1, Acadia closed a private offering of $300M in aggregate principal amount of its 5.125% senior unsecured notes due 2022 pursuant to an exemption from the registration requirements of the Securities Act of 1933, as amended. Based primarily on the impact of the PiC acquisition, Acadia raised its guidance for FY14 adjusted EPS to a range of $1.44-$1.46. The company’s guidance does not include the impact of any future acquisitions or transaction-related expenses. FY14 EPS consensus $1.36.
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