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Louisiana Prison & Criminal Justice News & Events Current news items and information on events related to the Louisiana prison & criminal justice systems.

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  #1  
Old 02-01-2015, 09:50 AM
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Default Lcs corrections sells 8 prisons to geo group

Prison operator The Geo Group will spend $312 million in cash to buy eight correctional and detention locations from the privately held LCS Corrections Services.
The deal price could rise to around $350 million, if the locations meet some performance targets, Geo Group said Monday. It didn’t detail those targets.
LCS runs sites in Louisiana, Texas and Alabama totaling more than 6,500 beds for federal, state and local governments.
The Geo Group Inc. designs and runs correctional, detention and community re-entry sites around the world. With the LCS deal, it will own or manage 106 locations totaling about 85,500 beds. It hopes to complete the deal by the end of February,
Geo Group said the deal will immediately increase its revenues by about $75 million to $80 million. The company also said it expects to improve the utilization of the LCS locations, which have average occupancy rates of about 50 percent.
The company plans to finance the acquisition, which it expects to close next month, by borrowing from its $700 million revolving credit line.
Shares of the Boca Raton, Florida, company rose 8 cents to $42.74 in morning trading Monday while broader trading indexes fell slightly.
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Old 02-01-2015, 12:09 PM
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**When posting news, please include a link to the source** I'll post a source for you, but in the future please use this format:

Title of Article; First 2-3 lines or a summary; Link to source....like this:

Geo Group to spend $312M buying LCS Corrections locations

Prison operator The Geo Group will spend $312 million in cash to buy eight correctional and detention locations from the privately held LCS Corrections Services.
The deal price could rise to around $350 million, if the locations meet some performance targets, Geo Group said Monday. It didn't detail those targets.
LCS runs sites in Louisiana, Texas and Alabama totaling more than 6,500 beds for federal, state and local governments.


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http://www.dailytribune.net/news/sta...cf5a15b14.html
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Old 02-02-2015, 02:01 PM
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Has GEO announced which LA facilities they are buying?
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Old 02-06-2015, 05:04 AM
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Well, Geo is currently running the Alexandria Transfer Center, Allen Correctional Center and LaSalle Detention Center in Louisiana. So I expect those are the facilities they will be taking over.
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Old 02-08-2015, 09:00 AM
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Why would GEO take those facilities over if they are running them.
I don't know which facilities LCS Corrections owns in Louisiana
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Old 02-09-2015, 12:24 PM
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Quote:
Originally Posted by laffy View Post
Why would GEO take those facilities over if they are running them.
I don't know which facilities LCS Corrections owns in Louisiana
Because I got it bass ackwards. Heh Heh....sorry about that! The facilities would be Caldwell Parish Detention Center, Pine Prairie Correctional Center, South Louisiana Correctional Center, and J.B. Evans Correctional Center
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