Acadia Healthcare Company acquires PHC, Inc. (d/b/a Pioneer Behavioral Health)

Acadia Healthcare Company acquired PHC, Inc. (d/b/a Pioneer Behavioral Health) for approximately $285 million (stock-for-stock merger plus assumed debt); ~$44.0 million cash component, a transaction completed in November 2011, structured as combination (stock plus cash); PHC stockholders received Acadia shares and a cash dividend. The deal was a merger (reverse merger — took Acadia public).

PHC, Inc. (d/b/a Pioneer Behavioral Health) operates in U.S. behavioral health (inpatient & outpatient), is based in United States — combined 34 facilities, ~1,950 licensed beds across 18 states, had revenue of about Combined company would have produced more than $325 million in pro forma annual revenue (twelve months ended June 30, 2011). On November 1, 2011 Acadia completed its merger with PHC, Inc., a publicly traded behavioral health services company operating under the Pioneer Behavioral Health brand. The transaction took Acadia public — its common stock began trading on the NASDAQ Global Market under the symbol ACHC the same day. On a combined basis the merged company operated 34 facilities with approximately 1,950 licensed beds across 18 states, which would have produced annual revenues of more than $325 million on a pro forma basis for the twelve months ended June 30, 2011.

“The completion of this merger brings a great team of dedicated and skilled professionals to Acadia and an outstanding portfolio of facilities and services. In addition, by improving the Company's access to capital as a public company, the transaction enhances our ability to drive Acadia's growth through additional acquisitions in the highly fragmented behavioral health care services industry.”

A public listing plus an established inpatient/outpatient portfolio that converted Acadia into the leading publicly traded pure-play inpatient behavioral health operator. Improved access to public-market capital to fund the acquisition pipeline. Acadia Healthcare Company, Inc. (surviving public entity; NASDAQ: ACHC)