Advent International-Backed ATI Physical Therapy Set to Go Public through Business Combination with Fortress Value Acquisition Corp. II
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.