Acadia Healthcare Co., which is backed by Waud Capital Partners, has named Joey Jacobs its CEO. Jacobs is the former CEO of Psychiatric Solutions, which was sold to Universal Health Services last year. Many of Psychiatric Solutions’s management team have also joined Acadia, according to a statement. Nashville-based Acadia develops and operates behaviorial healthcare facilities across the U.S.
Waud Capital Partners (“WCP”) today announced the expansion of the management team at its portfolio company, Acadia Healthcare Company (“Acadia” or the “Company”), with the appointment of veteran behavioral healthcare executive Joey Jacobs as Chief Executive Officer.
Acadia was formed by WCP in 2005 to acquire, develop and operate a national network of behavioral healthcare facilities.
“We are excited that Joey Jacobs and his senior management team have joined Acadia to lead the next chapter of its growth and are fortunate to have the opportunity to partner with a team of this caliber,” said Chuck Edwards, Principal at WCP. “We believe their decision to join Acadia recognizes the quality of the platform developed by the existing team and evidences the promise that lies ahead for the Company.”
Mr. Jacobs and the management team join Acadia from Psychiatric Solutions, Inc. Joining Acadia with Mr. Jacobs are Brent Turner, who will serve as Co-President alongside former Acadia CEO Trey Carter; Ron Fincher, Chief Operating Officer; Jack Polson, Chief Financial Officer; and Chris Howard, who will serve as General Counsel. Karen Prince, former Acadia COO, will become the President of the Eastern Division.
“I am eager to continue building upon Acadia’s history of success providing high quality behavioral healthcare services to patients and their families, and I am fortunate to be surrounded by an exceptional management team with proven success in the industry,” said Joey Jacobs, CEO of Acadia.
Trey Carter, Co-President of Acadia, said, “I look forward to working with Joey Jacobs and his team in managing Acadia’s next stage of growth. I am certain that, together with our employees, we will continue to build upon the Company’s strong foundation.”
“The expansion of Acadia’s management team exemplifies WCP’s investment style of partnering with highly experienced senior executives to build industry-leading companies. We are confident that Joey and his team will build upon the standard of excellence Trey Carter established during his tenure as CEO of Acadia,” said Reeve Waud, Managing Partner of WCP.
About Acadia Healthcare Company
Headquartered in Nashville, Acadia was established in December 2005 to acquire, develop and operate a network of behavioral healthcare facilities across the country. Acadia provides premier psychiatric and chemical dependency services to its patients in a variety of settings, including inpatient psychiatric hospitals, residential treatment centers, outpatient clinics and therapeutic school-based programs.
For additional information on Acadia Healthcare Company, visit the Company’s website at www.acadiahealthcare.com.
About Waud Capital Partners
Waud Capital Partners is a private equity investment firm founded in 1993 that partners with exceptional management teams to invest in middle market growth equity investments, buyouts, industry consolidations and recapitalizations. The firm seeks to invest $10 million to $100 million in private companies in the following four areas: healthcare services, business and consumer services, specialty distribution and value-added industrial businesses. Typically, the companies in which WCP invests have enterprise values between $30 million and $300 million. The firm has completed more than 100 acquisitions since its founding and currently has approximately $1 billion of capital under management.