Audax-backed Phoenix Rehabilitation buys Black Mountain Physical Therapy


Phoenix Rehabilitation, which is backed by Audax Private Equity, has acquired North Carolina-based Black Mountain Physical Therapy. No financial terms were disclosed.

PRESS RELEASE

Audax Private Equity portfolio company, PHOENIX Rehabilitation, acquires Black Mountain Physical Therapy

THE COMPANY
Black Mountain Physical Therapy is a provider of physical therapy services in Black Mountain, NC offering personalized care with one-on-one treatments.

THE DEAL
PHOENIX Rehabilitation and Health Services, Inc. (“PHOENIX”), a portfolio company of Audax Private Equity (“Audax”), has completed the acquisition of Black Mountain Physical Therapy, representing the company’s first acquisition since Audax’ investment.

THE THESIS
In December 2018, Audax partnered with PHOENIX Rehabilitation and Health Services Inc., a leading provider of physical therapy services across the eastern US. In addition to continuing the company’s track record of organic growth, PHOENIX is looking to expand through acquisitions in existing and new markets. Audax will work with the PHOENIX management team to build on PHOENIX’s leading position and accelerate growth while continuing the company’s focus on efficient, purposeful, and cost-effective patient care. To support this strategy, PHOENIX is seeking add-on acquisition opportunities of all sizes, from small tuck-in to regional “platform” acquisitions.