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Professional Physical Therapy Expands in Connecticut with Acquisition of Six Clinics
Introduction
GREENWICH, CT and UNIONDALE, NY — Great Point Partners (“GPP”) today announced that GPP I portfolio company Professional Physical Therapy (“ProPT”) has acquired Moore Physical Therapy & Fitness. The addition of the Moore Physical Therapy’s six clinics affords Pro PT’s patients a broader team of accomplished licensed physical therapists, occupational therapists, and sports rehabilitation experts dedicated to providing best-in-class, evidence based treatment plans.
The transaction with Moore Physical Therapy & Fitness is the fourth tuck-in acquisition ProPT has closed in 2016 and represents its 10th tuck-in acquisition over the last 12 months. ProPT now operates 78 outpatient physical therapy centers, making it the largest provider in the Northeast. Adam Elberg, Founder, President & CEO of ProPT stated, “We are executing our strategic plan ahead of plan and we are thrilled to be able to continue to partner with the best-in-class providers in our respective markets.”
“Acquiring Moore solidifies ProPT as the leading provider of physical therapy in the tri-state market,” added Rohan Saikia, Principal at GPP.
“Through this acquisition, we will have the opportunity to partner with the largest outpatient physical therapy provider in the northeast and the best provider in Fairfield County,” said Charlie Byrd, Partner and Vice President of Clinical Operations in Westchester and Connecticut at ProPT.
“At Moore, our focus is on what is best for the patient. By joining the ProPT family, we feel we can continue to provide best-in-class care,” said Bob Moore, CEO and Founder of Moore Physical Therapy & Fitness. “After 25 years of service, this next step feels right. Not only will our patients see the benefit, but our staff will as well.”
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, 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, Professional Physical Therapy now operates 78 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 60 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, Professional Physical Therapy operates a 20,000 square foot sports performance training facility in Garden City, New York. www.professionalpt.com