Hospital operator Universal Health Services Inc. (NYSE: UHS) has agreed to buy Foundations Recovery Network LLC from the Pritzker Family for $350 million.
Foundations Recovery, founded in 1995, operates four facilities and eight outpatient centers with a total of 322 beds that treat patients with behavioral disorders. The Pritzker family acquired the target from Sterling Partners in 2012.
The two companies say there is a growing need for rehab treatment services in the U.S., which is what drove the transaction together.
“Demand for evidence-based, high quality substance-use treatment is driving the immediate need for additional services nationwide,” says Pritzker family spokesperson Joby Pritzker.
Foundations Recovery follows Universal’s August acquisition of Alpha Hospitals Holdings Ltd.