Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced the acquisition of inpatient psychiatric facilities in Seattle, Washington, and Riverside, California, expanding the Company's geographic presence to two new states. Effective, December 1, 2013, the Company completed the purchase of an acute inpatient psychiatric facility from Highline Medical Center, a nonprofit healthcare system headquartered in Seattle. The facility, which was purchased for $20.0 million in cash, has a certificate of need for 135 beds and currently operates 63 inpatient psychiatric beds. Acadia is adding 22 inpatient psychiatric beds in a unit that had not been in use and will transition an additional 50 beds to inpatient psychiatric beds from other uses upon the expiration of third-party provider leases at the end of 2014.
Acadia also purchased the Riverside Center for Behavioral Medicine, a 68-bed acute inpatient psychiatric facility in Riverside, California. Consideration for this purchase, which was effective January 1, 2014, was $10.5 million in cash.
