Patient Square Capital Makes Third Acquisition of the Year

Patient Square Capital Makes Third Acquisition of the Year

Patient Square Capital, run by Jim Momtazee, acquired Hanger, Inc. (NYSE: HNGR) on July 21 for $1.25 billion, marking Patient Square’s third deal of the year.  Headquartered in Austin, Texas, Hanger, Inc. provides orthotic and prosthetic (O&P) services through its patient care segment, with approximately 875 locations nationwide. It recorded revenue of more than $1.120 billion in 2021.  Patient Square Capital was founded in 2020 and is based in Menlo Park, California. Hanger stockholders will receive $18.75 per share, representing an approximately 29% premium to the 30-day volume-weighted average price ending July 20, 2022. The transaction will be financed through a... Read More »
Sila Realty Trust Acquires TGH Rehabilitation Hospital for $51.2 Million

Sila Realty Trust Acquires TGH Rehabilitation Hospital for $51.2 Million

Sila Realty Trust, Inc., a non-traded real estate investment trust, announced on July 21 its acquisition of the TGH Rehabilitation Hospital, an 80-bed inpatient acute rehabilitation facility in Tampa. The purchase price was $51.2 million, excluding acquisition costs. The acquisition of TGH Rehabilitation Hospital strengthens Sila Realty Trust’s presence in its home state of Florida. The TGH Rehabilitation Hospital manages the treatment and recovery of patients who have suffered a severe injury or illness. The facility is located on 3.8 acres and includes nearly 88,000 rentable square feet. It is 100% leased to Tampa Rehabilitation Hospital, LLC, a joint venture between Tampa General... Read More »
Confluent Health-backed Strive Physical Therapy Acquires Dresher Physical Therapy

Confluent Health-backed Strive Physical Therapy Acquires Dresher Physical Therapy

Strive Physical Therapy and Sports Rehabilitation, backed by Confluent Health, a subsidiary of the private equity firm Partners Group, acquired Dresher Physical Therapy on June 23. Financial terms of the deal were not disclosed.  Founded in 2005, Strive Physical Therapy and Sports Rehabilitation is a physical therapy practice. It has 265 employees across 32 clinics in New Jersey and greater Philadelphia. The practice deals with sports medicine, work injuries, neurological conditions, occupational therapy and more. Dresher Physical Therapy is a private, therapist-owned physical therapy practice with two locations in Blue Bell and Fort Washington, Pennsylvania. It has 11 physical... Read More »
Patient Square Capital Makes Third Acquisition of the Year

Private Equity Firms Expand into Rehabilitation

After several active M&A months, the Rehabilitation market has cooled. In January, Rehabilitation M&A activity hit a several month high with 16 announced deals. When compared to December 2021, which saw 13 deals and November 2021, with 12 deals, January 2022 does not seem like a large increase, but it is. According to LevinPro HC, February 2022 saw three announced deals; March saw nine deals; April saw eight deals; and May, so far, has only seen four deals. In total, there have been 40 Rehabilitation deals announced this year. One trend that is always worth noting is private equity activity in Rehabilitation. Out of the 40 deals, 27 of them have been done by private equity firms... Read More »
Physical Rehabilitation Network Expands into California

Physical Rehabilitation Network Expands into California

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... Read More »
Confluent Health-backed Strive Physical Therapy Acquires Dresher Physical Therapy

H.I.G. Capital’s CORA Health Services Acquires Four Physical Therapy Clinics

On April 21, CORA Health Services, a portfolio company of H.I.G. Capital, announced the acquisition of Greenfield PT and Lava PT, adding four physical therapy clinic locations to its network.  CORA Health Services, dba CORA Physical Therapy, is an outpatient rehabilitation company delivering a broad range of services. It has operations in Florida, Georgia, North Carolina, South Carolina, Tennessee and Virginia. This is CORA’s first acquisition since being sold by Gryphon Partners in the spring of 2021. Founded in 2014 and with locations in Spooner and Hayward, Wisconsin, Greenfield PT offers a wide variety of services, including general physical therapy and specialties in back and... Read More »