Home and community-based health services provider Civitas Solutions Inc. is being acquired by private equity firm Centerbridge Partners LP for $17.75 per share in cash.

The deal values Civitas at about $1.4 billion, with the offer price representing a 27% premium to its 30-day volume-weighted average price as of Dec. 18.

The acquisition was unanimously approved by the board of Boston-based Civitas, which has also recommended that shareholders vote in favor of the deal. The transaction is subject to closing conditions, including shareholder approval and antitrust clearance.

The transaction comes after Civitas, in October, was said to be considering a potential sale as part of its exploration of strategic alternatives. New York-based private equity firm Vestar Capital Partners LLC was also reported to be considering selling its more than 50% stake in the company.

The deal is expected to be completed by the end of Civitas' second fiscal quarter.

Barclays is acting as financial adviser to Civitas, and Kirkland & Ellis LLP is serving as the company's legal adviser. Cain Brothers, UBS Securities LLC and Goldman Sachs & Co. LLC are acting as financial advisers to Centerbridge, and Goodwin Procter LLP and Simpson Thacher & Bartlett LLP are serving as the firm's legal advisers.

Goldman Sachs & Co. LLC, UBS Securities LLC, RBC Capital Markets LLC and KeyBanc Capital Markets have provided committed financing for the deal.