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.

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.

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 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).

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.