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.