Phoenix Rehabilitation and Health Services Inc. has been on an acquisition spree since Audax Group acquired the group in December 2018. The rehabilitation firm has reported three deals since then, growing at a steady pace across the country.
The partnership first reported a deal last September, acquiring Black Mountain Physical Therapy in Black Mountain, North Carolina. Black Mountain offers a range of treatment including skilled manual therapies, therapeutic exercises, and neuromuscular reeducation to treat biomechanical and structural problems. The clinic gave Phoenix a foothold in the North Carolina market.
Just before the end of 2019, Phoenix acquired a physical therapy clinic in in the Norfolk, Virginia area. The clinic will provide athletic and post-operative rehabilitation. That deal gave Phoenix Rehabilitation a total of 10 new locations.
Most recently, Phoenix purchased TuDor Physical Therapy, which has an experienced and diversified staff of more than 100 specialized therapists providing outpatient therapy and home care services. The clinic is based in Austintown, Ohio, and is Phoenix’s first in the Ohio marketplace, adding 11 locations to the company’s network. Through these acquisitions, Phoenix has 117 clinics across the United States.
Deal volume in the Rehabilitation sector has see-sawed in recent quarters, according to data from our Healthcare M&A report for the fourth quarter. With just five deals announced in the fourth quarter, deal volume dropped 50% compared with the 10 deals reported in the third quarter and the fourth quarter of 2018.