Stephenson Harwood has advised Acadia Healthcare Company, a US-based provider of inpatient behavioural healthcare facilities, on a $662m (£387m) agreement to acquire Partnerships in Care (PiC). The acquisition completed on 1 July 2014.
Acadia operates a network of 52 behavioural healthcare facilities with more than 4,300 licensed beds in 24 states in the US and Puerto Rico. Acadia provides psychiatric and chemical dependency services to its patients in a variety of settings, including inpatient psychiatric hospitals, residential treatment centres, outpatient clinics and therapeutic school-based programmes.
PiC is the second-largest independent provider of secure and rehabilitation mental healthcare facilities in the UK. It operates more than 1,200 beds across 23 hospitals, providing care and treatment for patients diagnosed with a mental illness, personality disorder, learning disability, brain injury or autism.
The purchase was financed through an underwritten public offering of Acadia common stock, to raise $374m, and a private offering of senior unsecured notes to raise $300m. Bank of America Merrill Lynch arranged the financings.
The team at Stephenson Harwood was led by corporate partners Andrew Edge and Andrew McLean. They were supported by corporate associate Luwisha Neskovic, projects associate Ian Pumfrey, real-estate partner Andrew Hill and real-estate associate Archie Campbell.
Freshfields Bruckhaus Deringer advised PiC. Nashville law firm Waller Lansden Dortch & Davis acted for Acadia on its US financing and Davis Polk & Wardwell acted for Bank of America Merrill Lynch in relation to the financings. Travers Smith acted for management.