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Professional Physical Therapy Acquires Wilutis Hand Therapy and Advanced Hand Therapy
Introduction
GREENWICH, CT and UNIONDALE, NY — Great Point Partners I (“GPP I”) today announced that Professional Physical Therapy (“ProPT”) has acquired Wilutis Hand Therapy and Advanced Hand Therapy, leaders in the fields of hand therapy and occupational therapy. With these two tuck-in acquisitions, ProPT augments its services to include occupational therapists, enhances its existing hand therapy services and adds six new locations on Long Island. ProPT now has 67 facilities throughout New York, New Jersey, and Connecticut.
Stephen Weaver, Vice President at Great Point Partners, said, “ProPT’s ability to grow organically and acquisitively is unparalleled in the New York, New Jersey and Connecticut markets. These acquisitions mark the 12th and 13th tuck-ins since GPP’s investment in October 2011 and are a clear indication of ProPT’s ability to execute on its strategic growth plan.”
Unifying the two most prominent Occupational Therapy hand practices on Long Island is the most unique transaction ProPT has completed to date. “Partnering with Robert Wilutis of Wilutis Hand Therapy and Richard Scalise of Advanced Hand Therapy enables us to dramatically broaden the hand therapy product offerings across the entire company,” said Adam Elberg, President and CEO of ProPT.
“As leaders in hand and occupational therapy, we sought to join an organization with the same dedication to its patients and exceptional treatment outcomes that has defined our business,” added Robert S. Wilutis, owner of Wilutis Hand Therapy. “I was impressed when ProPT was recognized as one of the top three physical therapy providers in the nation, so joining this award-winning company not only ensures the continuation of our promise to be the best in the industry, but also allows us the opportunity to provide hand therapy services across the entire Tri-State area.”
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 $900 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. 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. The private equity funds invest across all sectors of the health care industry with particular emphasis on biopharmaceutical infrastructure, devices and diagnostics, health care services, outsourcing, and information technology. The firm pursues a proactive and proprietary approach to sourcing investments and tuck-in acquisitions for its portfolio companies. Reach Great Point at 203-971-3300 or www.gppfunds.com.
About Professional Physical Therapy
Professional Orthopedic and Sports Physical Therapy (“ProPT”), headquartered in Uniondale, New York, is an award-winning, leading provider of physical therapy and rehabilitation services in the New York metropolitan area, New Jersey and Connecticut. Founded in 1998, ProPT now operates 67 outpatient physical therapy centers: 12 located within Equinox Fitness Centers, five located in Blink Fitness facilities, one located in a STACK Sports Performance Center, and 49 standalone. The company’s outpatient physical therapy centers provide treatment to patients suffering from musculoskeletal impairments associated with orthopedic and sports injuries and other medical conditions. Additionally, ProPT operates a 20,000 square foot sports performance training facility in Garden City, New York. www.professionalpt.com