US-based psychiatric provider buys PiC

US-based psychiatric provider Acadia Healthcare has acquired Partnerships in Care (PiC) from its private equity owners Cinven for approximately $660m (£393m). Acadia, which is backed by Waud Capital Partners and listed on Nasdaq and operates a network of 52 facilities with over 4,200 beds in 24 US states and Puerto Rico, said the deal represented 8.8 to 8.9 times trailing EBITDA’. PiC reported revenue of approximately $285m (£170m) and adjusted EBITDA of around $75m (£44.7m) last year.