On May 3, Gryphon Investors’ portfolio company, Physical Rehabilitation Network (PRN), announced its acquisition of Kinetix Advanced Physical Therapy. The financial terms of the deal were not disclosed. This is PRN’s first deal of the year.
Founded in 1991, PRN specializes in physical therapy care, workplace ergonomics solutions and serves as a comprehensive practice management organization, providing non-clinical administrative support services to physical therapists across 16 states. PRN is known for its leading, value-driven practice management services and innovative, outcomes-driven physical therapy care.
Kinetix Advanced Physical Therapy is a privately owned outpatient orthopedic physical therapy practice founded in 2005 by Tim Eckard, MSPT, Cert. MDT and Michelle Gawenda, RN. It specializes in orthopedic manual physical therapy, sports medicine, pre and post-surgical, neurological rehabilitation as well as aquatic therapy.
With this acquisition, PRN’s presence in California is further strengthened as the company now operates 62 clinics in the state. PricewaterhouseCoopers LLP., and Bass, Berry & Sims PLC acted as advisors to PRN on the transaction.
This marks the 37th Rehabilitation deal of 2022, and the ninth of the second quarter. Of the 37 deals, 24 of them have been completed by private equity firms and/or their portfolio companies. In comparison to 2021, which saw a total of 97 Rehabilitation deals, 2022 has been rather busy so far, and that busy trend is anticipated to continue as the year unfolds. Active acquirers in the year have been U.S. Physical Therapy, LLC with two transactions and Confluent Health with five acquisitions. The Rehabilitation deal with the largest price tag of the year, so far, is General Atlantic acquiring PT Solutions for $1.2 billion.
