Golden Bear Therapy Partners, a rehabilitation practice based in Modesto, California, announced that it was acquiring ProSport Physical Therapy & Performance. The financial terms of the deal were not disclosed.
A portfolio company of Shore Capital and Longshore Capital Partners, Golden Bear Therapy Partners operates rehabilitation centers across five states and 110 locations while employing more than 1,500 employees. Golden Bear provides specialized treatment to orthopedic, neurological, musculoskeletal and sports injury patients.
For the last thirty years, ProSport Physical Therapy & Performance has been operating and delivering outstanding patient care behind the leadership of Joe Donohue and his team of clinicians. There are seven locations in California.
Golden Bear’s acquisition of ProSport Physical Therapy & Performance expands Golden Bear’s California presence to 70 locations. The financial terms of the deal were not disclosed. Additionally, through this partnership, Golden Bear will be aligned with not only ProSport but the Hoag Orthopedic Institute, a top 30 best orthopedic hospital in US News & World Report’s 2021-2022 Best Hospitals.
“I am excited to grow the ProSport Physical Therapy and Performance footprint in Orange County/Los Angeles and maintain the continuum of care and exceptional patient outcomes with our long-term relationship with Hoag Orthopedic Institute,” said Joe Donohue, the chief executive officer of ProSport Physical Therapy & Performance.
This is the first transaction of 2022 for Golden Bear. In 2021, it participated in four deals, acquiring Sport and Spine Therapy of Marin in San Anselmo and Novato, California, Pair and Marotta Rehabilitation Clinics of Bakersfield, California, Cleburne Physical Therapy & Sports Rehabilitation in Cleburne, Texas and Orthopedic Associates Physical Therapy in Flower Mound, Texas. None of the prices were disclosed, which is not uncommon for a rehabilitation transaction.
Additionally, this acquisition is the 21st Rehabilitation deal to be announced in 2022. The largest deal year to date was General Atlantic, a New York-based private equity firm, acquiring PT Solutions for an approximate $1.2 billion. The seller was Lindsay Goldberg LLC. While General Atlantic made a majority investment, TowerBrook Capital Partners, in partnership with the health system Ascension, snagged a minority stake through a preferred equity investment.
