Acadia Healthcare’s 2011 initial public offering marked a milestone in the company’s development, transforming it from a private equity-backed platform into a publicly traded corporation. Reeve B. Waud, who founded Acadia in 2005, guided the company through this transition while maintaining involvement as Board Chairman.
His January 2026 announcement appointing Debbie Osteen as CEO continued more than two decades of oversight.
Building Toward an IPO
Reeve B. Waud formed Acadia Healthcare in 2005 as a platform for inpatient behavioral health facilities. His experience at Waud Capital Partners informed the company’s growth strategy: identify a fragmented sector with strong demand, build scale through acquisitions and organic growth, and professionalize operations.
Within six years, Acadia had grown sufficiently to attract public market investors. The company’s expansion combined facility acquisitions with development of new treatment programs across psychiatric, addiction, and specialty behavioral health services.
The 2011 Public Offering
Acadia Healthcare completed its IPO in 2011, listing on NASDAQ under the ticker symbol ACHC. The public offering provided capital for continued growth and gave Waud Capital Partners and other early investors partial liquidity.
Going public also changed the company’s governance and reporting requirements. As a publicly traded company, Acadia began filing quarterly and annual reports with the Securities and Exchange Commission, providing transparency into operations and financial performance.
Growth as a Public Company
Since the IPO, Acadia has grown substantially. The company now operates 278 facilities across 40 states and Puerto Rico, employs approximately 25,500 people, and serves more than 82,000 patients daily. Revenue guidance for 2025 stands at $3.28 billion to $3.30 billion.
Joint venture partnerships with health systems including Henry Ford Hospital, Geisinger Health Systems, and Nebraska Methodist Health System expanded Acadia’s reach. The company added 1,300 new beds in 2024, with another 1,200 under construction.
Continued Board Oversight
Reeve B. Waud’s role evolved from founder and primary investor to Board Chairman overseeing a public company. While Waud Capital Partners’ direct ownership stake ended with the IPO, his governance involvement continued.
That sustained engagement reflects his commitment to Acadia beyond financial returns. His January 2026 announcement selecting Osteen as CEO-more than 20 years after founding the company-demonstrates ongoing attention to leadership and strategy.
