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Great Point Partners Exits Portfolio Company Spine & Sport Physical Therapy
Greenwich, CT – March 4, 2025 – Great Point Partners (“GPP”), a Greenwich-based private investment firm focused exclusively on the health care industry, announced today the exit of its portfolio company Spine & Sport Physical Therapy (“Spine & Sport”), which has been acquired by Physical Rehabilitation Network (“PRN”), a portfolio company of Gryphon Investors, a leading middle-market private investment firm.
“Since GPP’s investment in Spine and Sport in 2018, our team has worked diligently alongside Spine & Sport leadership and founders to support development and strategic growth from 16 to 51 clinics across the California market. Great Point is proud of Spine & Sport’s achievements over our hold period,” said Rohan Saikia, Managing Director with GPP. “In PRN, we see a natural partner to support Spine & Sport’s commitment to bringing exceptional care to patients across the Golden State and to nurture the continued success of its business.”
“Spine & Sport is a great example of the value GPP brings to the growing companies and entrepreneurs we support,” said Alex Gulotta, Senior Vice President with GPP. “Working with Spine & Sport’s leadership, we were able to identify operational improvements and complete acquisitions that materially supported the expansion of the Company’s footprint and the enhancement of its reputation in California.”
“GPP’s partnership over the past seven years has been invaluable to our team. Their strategic guidance, operational expertise, tuck in sourcing capabilities and support of our mission has been vital to our growth,” said Brett Raasch PT, ATC, CEO of Spine & Sport. “We look forward to expanding upon the strong foundation we’ve built with GPP in our next phase of growth.”
GPP has successfully partnered with two outpatient physical therapy providers in the industry: Professional Physical Therapy (“ProPT”) and Spine & Sport. In 2019, GPP sold ProPT after executing a successful de novo and accelerated tuck in acquisition strategy and increasing EBITDA more than fourfold.
Livingstone Partners served as financial advisor and McDermott Will & Emery served as legal counsel to Spine & Sport.
About Great Point Partners
Great Point Partners, founded in 2003 and based in Greenwich, CT, is a leading health care investment firm with 30 professionals, investing in the United States, Canada, and Western Europe. GPP is currently making new minority and majority private equity investments from GPP IV. Great Point manages approximately $1.5 Billion of capital (including committed and uncalled capital) in its private funds and public life sciences equity strategy (BioMedical Value Fund). Great Point Partners has provided growth equity, growth recapitalization, and management buyout financing to more than 100 growing health care companies. The private equity funds invest across all sectors of the health care industry with a particular emphasis on biopharmaceutical services and supplies, alternate site care, medical device contract manufacturing and information technology enabled businesses. The firm pursues a proactive and proprietary approach to sourcing investments and tuck-in acquisitions for its portfolio companies.
About Spine & Sport
Spine & Sport Physical Therapy (“Spine & Sport”), headquartered in San Diego, CA is a leading provider of physical therapy and rehabilitation services in Southern California. The Company operates 51 employee-owned outpatient physical therapy clinics. Spine & Sport is dedicated to personalized, measurable, active based, patient-centered care for orthopedic, sports and work-related injuries. The Company’s outpatient clinics provide active based treatment to patients suffering from musculoskeletal impairments associated with accidents, sports injuries, surgeries, and various other medical conditions. Reach Spine & Sport at 800-976-7544 or www.spineandsport.com/