October 31, 2011
GREENWICH, CT and WHITESTONE, NY – Great Point Partners, LLC, a Greenwich-based private investment firm focused on the health care industry, today announced the growth recapitalization of Professional Orthopedic and Sports Physical Therapy (“ProPT”).
Founded in 1998 and headquartered in Whitestone, NY, ProPT is a leading provider of physical therapy and rehabilitation services in the New York metropolitan area. The Company operates 11 outpatient physical therapy centers which provide treatment to patients suffering from musculoskeletal impairments associated with accidents, sports injuries, surgeries, and various other medical conditions.
“From our first meeting with Great Point, we were very impressed with their knowledge of the physical therapy space and the extensive sector research they conducted over the past few years. Great Point shares our growth vision for the Company and they also uniquely understand the importance of maintaining the highest level of clinical care”, said Adam Elberg, CEO of ProPT. “All the partners and the entire management team at the Company look forward to working together with Great Point to continue to improve our service delivery as well as accelerate our growth plan.”
Adam Dolder, Managing Director at Great Point Partners stated “We are excited at this singular opportunity to partner with a management team that is as clinically distinguished as Adam Elberg, Rob Panariello and George Papadopoulos. Their clinical excellence is rivaled only by their ability to rapidly scale the Company.”
Mr. David Kroin, Managing Director at Great Point Partners added, “We spent an extensive amount of time reviewing the physical therapy and rehabilitation space and ProPT’s commitment to quality care and excellence in achieving superior outcomes clearly separated them from their competition.”
As part of the investment, David Morrison, former CEO of Mercer Management Consulting will join ProPT’s Board of Directors.
MidCap Financial, LLC, a healthcare focused-commercial finance company, acted as Administrative Agent, Lead Arranger and Sole Book Runner and provided financing in support of the transaction. NXT Capital also supported the debt financing of the transaction in the role of Co-Lead Arranger.
About Professional Orthopedic and Sports Physical Therapy
Professional Orthopedic and Sports Physical Therapy (“ProPT”), headquartered in Whitestone, NY, is a leading provider of physical therapy and rehabilitation services in the New York metropolitan area. ProPT was founded in 1998 by Adam Elberg, Rob Panariello and George Papadopoulos, and its partners include Anthony D’Angelo, Timothy Stump, Charles Byrd, Donald Demay, Timothy Mauro, Melissa Tobis and Ronald Alzate. ProPT operates 11 outpatient physical therapy centers — seven of which are located within Equinox Fitness Centers and four stand alone — and one sports performance training facility. The Company’s outpatient physical therapy centers provide treatment to patients suffering from musculoskeletal impairments associated with accidents, sports injuries, surgeries, and various other medical conditions.
About Great Point Partners
GPP, based in Greenwich, CT, is a leading health care investment firm with approximately $450 million of equity capital under management. The firm manages capital in public (the Biomedical Value Fund) and private equity funds (GPP I – a $156 million private equity fund). Great Point Partners has provided growth equity, growth recapitalization, and management buyout financing to more than 100 health care companies. The private equity fund invests in profitable companies across all sectors of the health care industry including behavioral health, biologics manufacturing, health care services, hospital outsourcing, information technology, life sciences, media and reagents, medical devices, rehabilitation, specialty pharmaceuticals, and workers compensation. The firm pursues a proactive and proprietary approach to sourcing investments.Reach Great Point at 203-971-3300. www.gppfunds.com
This document is intended solely to provide information regarding Great Point Partners’ potential financing capabilities for prospective portfolio companies.