Advent International completes sale of Priory Group to Acadia Healthcare
London, 17 February 2016 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced that it has completed the sale of Priory Group (“Priory”) to Acadia Healthcare Company, Inc.
The terms of the transaction have remained as previously stated. In accordance with the terms of the purchase agreement, (i) an aggregate of 4.034 million shares of Acadia common stock have been issued to the sellers, and (ii) Acadia has paid a cash consideration of approximately £1.34 billion (or approximately $1.94 billion).
Joey Jacobs, Chairman and Chief Executive Officer of Acadia, remarked, “We have already taken a major step toward continuing our strong performance in 2016 by completing the acquisition of the Priory Group. Priory brings approximately 7,100 behavioural healthcare beds in 327 facilities to Acadia and generated revenue of approximately $865 million for the twelve months ended September 30, 2015. We welcome the high quality Priory team of more than 13,000 people to Acadia, and we are confident of our prospects for producing further growth as the UK’s leading independent provider of behavioural healthcare.”
Tom Riall, Chief Executive Officer of Priory, added, “I am delighted to confirm that we have today become part of Acadia Healthcare, one of the leading providers of behavioural care in the world. Acadia is an excellent company with a reputation for delivering outstanding services. They have a good understanding of our markets and will provide a strong platform for us to continue our track record of sustainable growth in the future.”
Advent was advised by Rothschild, JP Morgan, Bank of America Merrill Lynch, Barclays, Numis and Freshfields on the transaction.
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in more than 300 private equity transactions in 40 countries and as of September 30, 2015, had €26 billion in assets under management. With offices on four continents, Advent has established a globally integrated team of over 170 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecoms. After 30 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.
For more information, visit adventinternational.com