Acadia Healthcare to sell Priory Group to Waterland Private Equity for $1.47bn
Acadia Healthcare, a US-based behavioral healthcare provider, has agreed to sell its UK operations – The Priory Group to private equity investment group Waterland Private Equity for around £1.07 billion ($1.47 billion).
The Priory Group operates mental health care facilities across the UK with over 500 sites that have a combined 7,000 plus beds.
As of 30 September 2020, Acadia Healthcare operated 582 behavioral healthcare facilities with nearly 18,300 beds across 40 states in the US, the UK, and Puerto Rico.
The company offers behavioral healthcare services to its patients across a range of settings, which include inpatient psychiatric hospitals, residential treatment centers, specialty treatment facilities, and outpatient clinics.
Acadia Healthcare to sell Priory Group to Waterland Private Equity for $1.47bn. Photo courtesy of The Voice of Hassocks/Wikipedia.org.
Debbie Osteen – Acadia Healthcare CEO said: “Since announcing our decision to explore strategic alternatives with respect to the Priory Business, our primary objective has always been to complete a transaction that would maximize value for our stockholders. Following a comprehensive process, we believe we have achieved this objective.
“We intend to use the proceeds to pay down debt and for other corporate purposes. We believe we are well positioned to meet the strong demand for mental health and substance use treatment across the U.S. We will continue to focus on delivering the highest level of patient care and advancing our position as a leading behavioral healthcare facilities operator in the U.S.”
The proposed deal is anticipated to be completed in January 2021.