Boca-based GEO Group acquires California correctional facility
June 22, 2010 · 0 Comments
BOCA RATON – The GEO Group, based in Boca Raton, has announced the acquisition of a 650-bed correctional facility in Adelanto, California for some $28 million. GEO bought the prison from the city of Adelanto.
“We are pleased with this important facility acquisition in Southern California. We believe there’s meaningful demand for correctional and detention bed space in this important region of the country,” said George C. Zoley, chairman and CEO of GEO.
George Zoley
The Boca firm expects to retrofit and market the facility to local, state, and federal correctional and detention agencies. GEO financed the acquisition with free cash flow and borrowings available under its senior revolving credit facility.
The GEO Group, Inc. is a world leader in the delivery of correctional, detention, and residential treatment services to federal, state, and local government agencies around the globe. GEO offers design, construction, financing, and operations.
GEO’s worldwide operations include the management and/or ownership of 62 correctional and residential treatment facilities with a total design capacity of some 60,000 beds, which include projects under development.
By luana
