Behavioural care provider Priory Group has been acquired by US firm Acadia Healthcare Company, Inc, in a deal worth £1.34 billion.
The deal was completed on February 16. As part of the deal, 4.034 million shares of Acadia common stock have been issued to the sellers, and Acadia has also paid a cash consideration of about £1.34 billion.
Priory consists of four divisions: Priory Healthcare, Priory Education and Children’s Services, Craegmoor and Amore Care, which support more than 30,000 people per year across the UK.
Acadia provides inpatient behavioural healthcare services, operating a network of 258 facilities with more than 9,900 beds in 39 states in the US, the UK and Puerto Rico. Acadia 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 programmes.
Joey Jacobs, chairman and chief executive officer of Acadia, said: “We have already taken a major step toward continuing our strong performance in 2016 by completing the acquisition of the Priory Group. Priory brings approximately 7,100 behavioural healthcare beds in 327 facilities to Acadia and generated revenue of approximately $865 million for the 12 months ended September 30, 2015.
“We welcome the high quality Priory team of more than 13,000 people to Acadia, and we are confident of our prospects for producing further growth as the UK’s leading independent provider of behavioural healthcare.”
Tom Riall, chief executive officer of Priory, added: “I am delighted to confirm that we have today become part of Acadia Healthcare, one of the leading providers of behavioural care in the world. Acadia is an excellent company with a reputation for delivering outstanding services. They have a good understanding of our markets and will provide a strong platform for us to continue our track record of sustainable growth in the future.”