Acadia Healthcare buys Delta Medical Center
Acadia Healthcare Inc has bought Delta Medical Center, a 243-bed hospital. The purchase gives the company the opportunity to settle into the facility, where a majority of beds are dedicated to inpatient psychiatric patients.
Joey Jacobs, Chairman and CEO at Acadia, said, “Consistent with our acquisition strategy, we expect this transaction will be accretive to our financial results, and we further note that, with a license for 243 total beds, not all of which are currently in operation, the facility has significant opportunity for expansion.” Mr. Jacobs also said, “This purchase is the second Acadia has completed this year, and we continue to evaluate additional transactions in the fragmented and undeserved inpatient psychiatric market.”
The company said Bill Patterson, the group CEO of Acadia, will lead Delta’s transition into the company. Mr. Patterson is a 30-year old industry veteran who had earlier worked within Baptist Memorial Health Care Corp.
The stock of Acadia hit a 52-week high in the early January following its announcement it would acquire a 50-bed inpatient unit in Georgia Acadia specializing in administering behavioral health services in an inpatient setting and operates 45 facilities in 21 states. The purchase of Delta Medical Center gives it more than 3,600 total beds.
The purchase of Acadia is its first acquisition including an inpatient surgical component and the Memphis-based hospital its employee owned under an Employee Stock Ownership Plan.
Acadia Healthcare is a provider of inpatient behavioral healthcare services. The company operates a network of 44 behavioral health facilities with more than 3,400 licensed beds in 21 states.