Acadia Healthcare Company acquired Partnerships in Care (PiC) for approximately $662 million (cash); $661.7 million net of cash acquired per FY2015 10-K, a transaction completed in July 2014, structured as all cash.
Partnerships in Care (PiC) operates in United Kingdom behavioral health, is based in United Kingdom — 23 inpatient facilities, over 1,200 beds, had revenue of about approximately $285 million 2013 revenue; ~$75 million adjusted EBITDA. On July 1, 2014 Acadia acquired Partnerships in Care (PiC), the second-largest independent provider of inpatient behavioral healthcare services in the United Kingdom, for approximately $662 million in cash. PiC operated 23 inpatient psychiatric facilities with over 1,200 beds and produced 2013 revenue of approximately $285 million and adjusted EBITDA of approximately $75 million. The deal marked Acadia's entry into the U.K. market.
“We are very pleased to enter the U.K. market for inpatient behavioral care with such a high quality provider and well-established market leader as PiC. We continue to believe that favorable market dynamics in the U.K. present a significant opportunity.”
Second-largest independent UK inpatient behavioral provider with attractive market dynamics; established Acadia's U.K. platform and was expected to be accretive by ~$0.17-$0.18 per diluted share. Expected 2014 EPS accretion of $0.17 to $0.18 per diluted share; platform for further U.K. acquisitions and organic growth. Partnerships in Care (Acadia U.K. operations)
We are very pleased to enter the U.K. market for inpatient behavioral care with such a high quality provider and well-established market leader as PiC. We continue to believe that favorable market dynamics in the U.K. present a significant opportunity.Joey Jacobs, Chairman and Chief Executive Officer, Acadia Healthcare
Advisory firms were not disclosed for this transaction.