Acadia Healthcare Expands Footprint in Illinois Through Real Estate Purchase and Establishes New Behavioral Healthcare System Named Montrose Behavioral Health Hospital
December 20 2021 - 8:00AM
Business Wire
Acquisition Provides Entry into a New Market
for the Acute Service Line
Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced
that it has completed the acquisition of the real estate for three
currently non-operational facilities, including one adult hospital,
one children’s hospital and an outpatient facility, all located on
the north side of Chicago, Illinois. The Company funded the
transaction with cash on hand.
Prior to reopening, Acadia will make infrastructure investments
to improve the behavioral health facilities, which will operate as
Montrose Behavioral Health Hospital. The 60-bed children’s hospital
and outpatient facility are expected to open in the summer of 2022
and the 101-bed adult hospital, which will include geriatric
services, is slated to begin operations in early 2023.
“We are pleased to have the opportunity to enter the greater
Chicago area and address the significant need for behavioral health
services for adults and children in this important market,” said
Debbie Osteen, Chief Executive Officer of Acadia Healthcare. “This
transaction aligns with our strategy to identify underbedded
markets for new facilities and opportunities that meet the criteria
of our disciplined capital allocation framework. We intend to make
significant investments across the three locations to ensure that
Montrose Behavioral Health Hospital meets our industry-leading
standards for exceptional patient care.
“As the largest stand-alone provider of behavioral health
services in the country, we can bring the necessary resources and
expertise to serve the needs of our communities. As we enter new
markets like Chicago, we can leverage our extensive experience in
acute care services with a proven operating model. Additionally,
our patients will benefit from Acadia’s network of facilities that
offer treatment options for residential eating disorders, substance
abuse and co-occurring mental conditions. We look forward to
expanding the inpatient capacity in the market and broadening the
treatment programs offered to patients, their families and the
community,” added Osteen.
About Acadia Healthcare
Acadia is a leading provider of behavioral healthcare services
across the United States. As of September 30, 2021, Acadia operated
a network of 230 behavioral healthcare facilities with
approximately 10,200 beds in 40 states and Puerto Rico. With more
than 20,000 employees serving approximately 70,000 patients daily,
Acadia is the largest stand-alone behavioral health company in the
U.S. Acadia provides behavioral healthcare services to its patients
in a variety of settings, including inpatient psychiatric
hospitals, specialty treatment facilities, residential treatment
centers and outpatient clinics.
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Gretchen Hommrich Vice President, Investor Relations (615)
861-6000
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