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Professional Physical Therapy Becomes Largest Outpatient Physical Therapy Provider in Northeast With Acquisition of Premier Physical Therapy & Wellness
Introduction
GREENWICH, CT and UNIONDALE, NY — Great Point Partners (“GPP”) today announced that its GPP I portfolio company, Professional Orthopedic and Sports Physical Therapy (“Professional”), acquired Premier Physical Therapy & Wellness (“Premier”) with 13 state-of-the-art clinics in Manhattan, Westchester, and Connecticut.
“Our acquisition of Premier Physical Therapy & Wellness establishes Professional as the largest provider of outpatient physical therapy services in the Northeast,” said Adam Elberg, Professional’s Founding Partner, CEO, & President. “Expanding our footprint in New York City and Westchester, while entering Fairfield County, Connecticut has tremendous benefits to our referral sources, patients, and employees. This is an exciting and transformative acquisition for Professional.”
“Premier grew to be the second largest New York City-based provider of physical therapy,” said John J. Benke, a Premier owner. “My partners, Laura Benke and Joseph Tatta, and I recognized the current consolidation in health care and our need to achieve greater scale by joining forces with Professional. Their best-in-class therapist educational programs are second-to-none. These will enable our employees to thrive.”
This marks the 8th tuck-in acquisition that Professional has completed since GPP’s investment in October 2011 and third tuck-in acquisition thus far in 2015. Professional now offers added convenience by operating 57 clinics throughout Manhattan, Queens, Bronx, Brooklyn, Long Island, Westchester, Rockland, New Jersey, and Connecticut. Professional’s ability to execute on its strategic plan of successful growth and provide an exceptional staff of physical therapists that offer top-of-the-line treatment, meeting each patient’s needs, is extraordinary.
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. 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 (“Professional”), headquartered in Uniondale, New York, is a leading provider of physical therapy and rehabilitation services in the New York metropolitan area, New Jersey and Connecticut. Founded in 1998, Professional now operates 57 outpatient physical therapy centers: 12 located within Equinox Fitness Centers, four located in Blink facilities, one located in a STACK Velocity Sports Performance Center, and 40 standalone. The company’s outpatient physical therapy centers provide treatment to patients suffering from musculoskeletal impairments associated with accidents, sports injuries, and other medical conditions. Additionally, Professional operates a 20,000 square foot sports performance training facility in Garden City, New York.