Return to search

3 Rivers-backed PHOENIX buys The Physical Therapy Connection

PHOENIX Rehabilitation and Health Services, Inc. acquired The Physical Therapy Connection of Wilmington, Delaware. PHOENIX is a portfolio company of Pittsburgh-based 3 Rivers Capital.

PRESS RELEASE

BLAIRSVILLE, Pa., Aug. 24, 2016 /PRNewswire-USNewswire/ — PHOENIX Rehabilitation and Health Services, Inc. (“PHOENIX“) boosts its presence in the Mid-Atlantic region through the recent acquisition of privately-held, Wilmington, Delaware-based The Physical Therapy Connection.

The acquisition will anchor the Company in a second Mid-Atlantic state and position it for expansion beyond the Pennsylvaniaand Virginia markets through strategic de novo development, as well as, mergers and/or acquisitions of other regional private practice physical therapy entities.

“We are delighted to welcome The Physical Therapy Connection to our PHOENIX team,” commented David Watson, PT, President and CEO of PHOENIX.  “We view this ‘partnership’ as one step closer to fulfilling our overall strategic goal representative of Mid-Atlantic expansion.  The Physical Therapy Connection operates a successful outpatient center and practices with the same philosophy as PHOENIX – providing the industry’s highest quality and outcomes-driven care to our patients.”

Operationally, “The Physical Therapy Connection investment will provide momentum to fuel additional new development in the Mid-Atlantic region,” stated Pete Grabaskas, PT, Chief Operating Officer of PHOENIX.   “The fiscal responsibility of PHOENIXcoupled with strategic advancement will allow us to successfully build our brand in multiple new markets.”

About PHOENIX
PHOENIX is a certified rehabilitation agency exclusively focused on developing the strongest regional Physical Therapy provider network emphasizing efficient delivery of evidence-based therapy.  Founded in 1997, PHOENIX operates through a network of 61 outpatient physical therapy centers located throughout the states of Pennsylvania and Virginia, including five “WorkPlace Health” (“WPH”) centers.  WPH provides occupational health services such as injury care and injury case management., as well as random drug screen management, DOT and pre-employment physicals.  In 2013, PHOENIX underwent a recapitalization with 3 Rivers Capital based in Pittsburgh, PA.  Visit phoenixrehab.com for a complete listing of PHOENIX and WPH locations or call toll free 888-644-7747 for more information.  Consumers are encouraged to stay connected with PHOENIX via Twitter (@PHOENIXRehab1), Facebook (PHOENIXRehab), LinkedIn and YouTube (PHOENIXRehab1997).

About 3 Rivers Capital
Founded in 2005, 3 Rivers Capital is a Pittsburgh-based private equity firm which focuses on control buyouts and recapitalizations of small private companies with EBITDA of $3M –  $10M. The primary focus and experience is in acquiring family-owned companies or corporate orphans where value can be rapidly created by tactfully removing barriers to growth. For more information, please visit 3riverscap.com.