Cinven has agreed to sell Partnerships in Care for approximately $660 million in cash to Acadia Healthcare (NASDAQ: ACHC), which is backed by Waud Capital Partners. Bank of America Merrill Lynch has committed to providing financing. An independent provider of inpatient behavioral healthcare services in the U.K., PiC operates 23 psychiatric facilities with over 1,200 beds. In 2013, PiC produced revenue of about $285 million and adjusted EBITDA of around $75 million. Cinven purchased the company in 2005. That same year, Waud Capital Partners formed Acadia as a platform; it went public in 2012.