Executives at Acadia Healthcare have formed a joint venture with the large Henry Ford Health System in Detroit that will build a behavioral health hospital in the region.
The new facility, which is slated to open in about two years, will have 192 beds and could expand down the road. It will offer inpatient care for adults, seniors and adolescents and help train inpatient psychiatry residents, medical students, nurses and others.
“The new hospital will make a positive difference in the lives of individuals and families throughout the region,” Acadia CEO Debbie Osteen said in a news release. “This partnership is a strong example of one of our growth strategies to continue to expand our treatment network.”
Franklin-based Acadia runs about 580 facilities with roughly 18,300 beds in 40 states as well as Puerto Rico and the United Kingdom. The company is looking to divest its U.K. operations, which it bought in 2016 and which account for about a third of revenues but have EBITDA margins about 10 points lower than that of its U.S. operations.
Shares of Acadia (Ticker: ACHC) were up about 5 percent Wednesday afternoon to roughly $45.80 and set a new 52-week high earlier in the day. They began the year around $34 but slumped to $11 during March’s market slide.