Fortress Value Acquisition Corp. II (“FVAC II”) (NYSE: FAII), a special purpose acquisition company, and ATI Physical Therapy (“ATI” or the “Company”), a portfolio company of Advent International (“Advent”) and the largest single-branded outpatient physical therapy provider in the United States, announced today that they have entered into a definitive merger agreement. ATI owns and operates nearly 900 physical therapy clinics across 25 states. The combined company represents an enterprise value of approximately $2.5 billion at closing, or 14.0x 2022E Adjusted EBITDA.
Physical Rehabilitation Network (PRN) announced its acquisition of Performance Physical Therapy, Inc. Based in Reno, Nev., Performance Physical Therapy provides orthopedic and spine physical therapy care as well as dry needling and sports rehabilitation treatment. The addition of Performance Physical Therapy expands PRN’s network of clinics in Nevada to nine. Located at 720 Robb Dr. in Reno, Performance Physical Therapy was founded in 2010 and has since been at the cutting edge of physical therapy and natural therapies with an emphasis in diagnosing and treating orthopedic and spine conditions.
MVPT Physical Therapy (“MVPT”), a leading provider of outpatient physical therapy services in New Hampshire, is pleased to announce that it has partnered with Greater Brunswick & Core Physical Therapy. For over thirty years, Greater Brunswick & Core Physical Therapy has provided exceptional care to patients throughout Central Maine, with locations in Topsham, Lisbon Falls, Auburn, and Monmouth. This partnership will align two organizations that prioritize accessible and high quality care, while also allowing for enhanced investment in patient experience and clinical innovation.
Twin Boro Physical Therapy (“Twin Boro”) is pleased to announce the completion of its latest partnership with Pro Staff Physical Therapy (“Pro Staff”), a leading physical therapy operator in Northern New Jersey with nine outpatient clinics offering physical therapy, occupational therapy, and diverse rehabilitative services. In furtherance of Twin Boro’s mission to be the first-choice provider of physical therapy and rehabilitation services in New Jersey and adjoining geographies, Twin Boro and its partners have formed ActivePro Rehab Partners (“ActivePro”), a premier managed services organization to provide operational, administrative and strategic support to its network of physical therapy brands, clinics, and providers.
Professional Physical Therapy, a leading provider of outpatient physical therapy and rehabilitation services throughout New York, New Jersey, Connecticut, Massachusetts, and New Hampshire, announces today the acquisition of a new clinic in Warwick, NY, formerly Optimum Physical Therapy. In its commitment to expand availability and access to care for their patients, this acquisition allows for residents in upstate New York to receive the quality of care Professional is known for.
Confluent Health has announced its newest partnership with Strive Physical Therapy and Sports Rehabilitation (Strive), a private and therapist-owned physical therapy practice located throughout New Jersey and Greater Philadelphia. “We are proud to partner with Strive and have known their stellar reputation and growth for years,” says Confluent Health’s President and CEO Larry Benz, PT, DPT, OCS, MBA, MAPP. “Erich, Mark, Jamie, and their entire team make up a pre-eminent practice in the northeast and are going to add significant value as we grow together. Our partnership has endless possibilities.”
Confluent Health has announced its newest partnership with Elite Physical Therapy (Elite), a private and therapist-owned physical therapy and occupational therapy practice located in Alexandria, Louisiana. To fortify the practice’s commitment, Elite is comprised of 10 rehabilitation specialists with over 100 years of physical and occupational therapy expertise. The clinic is also the only physical therapy clinic in Central Louisiana with a Board Certified Orthopedic Physical Therapist (OCS).
SSM Health Physical Therapy announced the acquisition of two Aquatic Fitness locations, which further strengthens SSM Health Physical Therapy’s range of services and access for rehabilitation. Aquatic Fitness has served the community for more than two decades, providing aquatic physical therapy using SwimEx therapeutic pools with multiple depths ranging from four to six feet, a paddle wheel which creates resistance and a water temperature of 93 degrees. “We are looking forward to bringing these resources and the talented staff at Aquatic Fitness into the SSM Health Physical Therapy network,” said Jason Rubel, DPT, OCS, CSMT, and President of SSM Health Rehabilitation Network.
Phoenix Physical Therapy (“Phoenix”) completed three acquisitions in the fourth quarter of 2020, further expanding its geographic reach in Alabama, Delaware, and Maryland and entering the Michigan market. In November, Phoenix acquired Montgomery East, a well-established outpatient practice in Montgomery, Alabama, strengthening Phoenix’s existing presence in this growing market. Phoenix strengthened its presence in Delaware and Maryland’s eastern shore area through the acquisition of Atlantic Physical Therapy (“Atlantic”) in early December. In Mid-December, Phoenix also completed the Advanced Physical Therapy Center (“Advanced”) acquisition to enter the Michigan market with the company’s eight community-based clinics.
Grant Avenue Capital, LLC, a healthcare-focused private equity firm, announced Tuesday that its portfolio company, H2 Health, has significantly expanded its clinical reach over the course of 2020 through a combination of increasing the employee base, executing strategic partnerships, and opening de novo locations. H2 Health Physical Therapy is a national provider of outpatient physical rehabilitation care offering a wide range of services, including physical, occupational, and speech therapies. Most recently, H2 Health partnered with Greenbrier Valley Physical Therapy in West Virginia.
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