KING OF PRUSSIA, Pa.,
Sept. 18, 2015 /PRNewswire/
-- Universal Health Services, Inc. (NYSE:UHS) announced today
that it has reached a definitive agreement and received FTC
approval to purchase Foundations Recovery Network, LLC
("Foundations") for a purchase price of approximately $350 million. Through this acquisition, we will
add 322 residential beds in 4 facilities and 8 outpatient centers.
In addition, there are over 140 expansion beds in the pipeline.
Foundations Recovery Network was founded in 1995 and is one of
the premier names in addiction treatment. Their focus is on
treating adults with co-occurring addiction and mental health
disorders through an evidence-based integrated treatment model in
residential and outpatient settings. With their sophisticated
direct to consumer marketing model which includes a call center, a
national sales team and an industry leading web marketing program,
the acquisition of Foundations will serve as a platform for growth
in a new substance use disorder service line for UHS.
Alan B. Miller, CEO and Chairman
of the Board of Universal Health Services, Inc. said, "We are
pleased to announce the forthcoming acquisition of Foundations. We
were attracted to their proven track record of providing high
quality treatment and reputation for excellence in this very
attractive market segment. They bring expertise as a published
authority on integrated treatment and also have excellent clinical
programs and customer relationships."
Joby Pritzker, spokesperson for
the Pritzker family, the majority shareholder of Foundations, said
"UHS is a company which we trust to further our commitment to the
treatment of addiction, which is at epidemic levels in our
country". "Demand for evidence-based, high quality substance-use
treatment is driving the immediate need for additional services
nationwide. With access to UHS's broad market presence, we hope to
ramp our pace of growth exponentially" said Rob Waggener, CEO of Foundations.
We expect to complete this transaction within the coming
weeks.
Universal Health Services, Inc. is one of the nation's largest
hospital companies, operating, through its subsidiaries, behavioral
health facilities, acute care hospitals, and ambulatory centers
throughout the United States,
Puerto Rico, the United Kingdom and the U.S. Virgin Islands.
Certain statements in this release may constitute
forward-looking statements and are subject to various risks and
uncertainties as discussed in the Company's filing with the
Securities and Exchange Commission. The Company is not
obligated to update these forward-looking statements even if the
Company's assessment of these risks and uncertainties changes.
For additional information on the Company, visit our website;
http://www.uhsinc.com.
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SOURCE Universal Health Services, Inc.