June 27, 2014
GREENWICH, CT and UNIONDALE, NY — Professional Orthopedic and Sports Physical Therapy (“Professional”), a Great Point Partners I, L.P. (“GPP”) portfolio company, has acquired the 13 Sports Physical Therapy of New York’s (“SPTNY”) downstate locations. Through this acquisition, Professional will provide broader New York City and Queens coverage, as well as expand its services into Brooklyn, Rockland County and the Bronx.
“The SPTNY acquisition is one of the most compelling deals we’ve done to date,” said President, CEO & Founding Partner Adam Elberg. “With 13 additional locations, we’ll be able to provide patients and physicians with greater flexibility of choice for treatment, as well as more career opportunities for our employees. We’re looking forward to integrating SPTNY’s team into the Professional family, as we continue to provide the best physical therapy care in the New York-Metropolitan area. Our priorities will always be excellent, individualized patient care and promoting an environment where employees can thrive.”
When asked about the sale of SPTNY’s downstate clinics to Professional, Lynn Steenberg, owner of SPTNY said, “It was critically important for us to find a company that would continue to emphasize the values we have created at Sports PT of New York. Because Sports PT will continue to service the upstate region of NY from Saratoga to Buffalo, it was important to divest our downstate business to a company that would provide the highest quality support to the staff, patients, and medical community. Professional can meet that high bar.”
Rohan Saikia, Senior Vice President of Great Point Partners and Board member of Professional added, “Since our partnership in 2011, the Company has grown rapidly from 10 facilities to over 40 facilities through a combination of starting new locations as well as 5 strategic and accretive acquisitions. The Company has truly differentiated itself as the most scalable, preeminent and highest quality provider in the region.”
About Professional Orthopedic and Sports Physical Therapy
Professional Orthopedic and Sports Physical Therapy (“Professional”), headquartered in Uniondale, New York, is a leading provider of Physical Therapy and Rehabilitation Services in the New York-metropolitan area and New Jersey. Professional was founded in 1998, and now operates 40 outpatient Physical Therapy centers: 11 of which are located within Equinox Fitness Centers, four located in a Blink facility, one located in a Velocity Sports Performance Center, and 24 standalone. Additionally, Professional operates a 20,000 square foot sports performance training facility in Garden City, New York. The company’s outpatient Physical Therapy centers provide treatment to patients suffering from musculoskeletal impairments associated with accidents, sports injuries, and various other medical conditions. Visit www.professionalpt.com for more information. www.professionalpt.com.
About Great Point Partners
Great Point Partners (“GPP”), founded in 2003 and based in Greenwich, CT, is a leading health care investment firm with approximately $800 million of equity capital under management and 26 professionals, investing in the United States, Canada, and Western Europe. GPP is currently making new private equity investments from GPP II, which has closed on $215 million in commitments. Great Point manages capital in private (GPP I, $156 million, and GPP II) and public (BMVF, approximately $400 million) equity funds. Great Point Partners has provided growth equity, growth recapitalization, and management buyout financing to more than 100 health care companies. Both the private and public funds invest across all sectors of the health care industry including biologics and pharmaceutical infrastructure, devices and diagnostics, health care services, hospital outsourcing, information technology, and specialty pharmaceuticals. The firm pursues a proactive and proprietary approach to sourcing investments. Reach Great Point at 203-971-3300 or www.gppfunds.com.
This document is intended solely to provide information regarding Great Point Partners’ potential financing capabilities for prospective portfolio companies.