King of Prussia, Pa.-based Universal Health Services has reached a definitive agreement and received federal approval to purchase Foundations Recovery Network, a Brentwood, Tenn.-based provider of integrated treatment for addiction and mental health, for approximately $350 million.
Here are four things to know about the purchase.
1. Through this acquisition, UHS will add 322 residential beds in four facilities and eight outpatient centers. More than 140 expansion beds are also in the pipeline.
2. In a news release, UHS said the acquisition will serve as a platform for growth in a new substance use disorder service line for UHS.
3. Of the acquisition, Alan B. Miller, CEO and chairman of the board of UHS, said, "We were attracted to their [Foundations Recovery Network's] 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."
4. UHS expects to complete this transaction within the coming weeks.
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