Youth Services to buy facility in Florida

January 11, 1996|By Suzanne Wooton | Suzanne Wooton,SUN STAFF

Youth Services International Inc., an Owings Mills-based operator of educational and correctional programs for troubled youths, said yesterday it plans to buy a 104-bed Florida residential facility for children and adolescents.

The company said it had signed a nonbinding letter of intent to purchase Tampa Bay Academy Ltd. and a management agreement for $5.25 million. The company said it expects the purchase of the Riverview, Fla., operation to add about $9 million to its annual revenues, which totaled $53 million last year.

The purchase is the latest of several acquisitions by the publicly traded Maryland company, led by Jiffy Lube founder W. James Hindman. Last year, the company bought two different operations serving troubled youth in the Southwest.

Youth Services now operates 18 residential and community-based programs for 3,600 youths in 11 states. The programs provide counseling and education to delinquent children or children at risk of becoming delinquents. Among them is the Charles H. Hickey Jr. School in Baltimore County, which the company operates under a contract from Maryland's Juvenile Services Department.

Youth Services stock closed yesterday at $15.375, down 62.5 cents.

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