|Addiction Treatment Industry Newswire|
|09/25/2014 -ATIN – Treatment Magazine managed to catch an exhausted Michael Cartwright in Boston last night about to get a meal after spending the day in New York on his “roadshow” to sell the initial public offering of his American Addiction Centers, AAC, which when launched as expected in early October will be the first “pure play” addiction treatment stock investment to be listed since Sierra Tucson founder Bill O’Donnell took his pioneering high end center public in the very early 1990s just before the introduction of managed care cratered his stock and the rest of the addiction treatment business.
Exhausted No Comment
Giving us a few minutes before his dinner arrived, all an exhausted Cartwright could give us after a grueling day of investor presentations was a “no comment,” adhering as he must to the “quiet period” before an IPO in which company executives cannot share any information on the company other than that filed with the Securities and Exchange Commission. Treatment Magazine has been contacted by investors who have been pitched by Cartwright looking for our opinion on AAC and the outlook for the treatment industry in general as excitement builds ahead of the expected early October pricing.
Expected to Raise $65M
According to IPOSoop, AAC is expected to sell around 5M shares in a pricing range of $12 to $14 a share, giving AAC an expected market capitalization of almost $269M. The deal, whose joint “book runners” are Chicago-based middle market investment bank William Blair and Jacksonville, FL-based Raymond James, with the highly respected behavioral health investment specialists Avondale Partners as “co-managers,” American Addiction Centers, which will have the symbol AAC, is expected to ring the bell in New York to start the trading in its new stock on Oct 2.
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