Cardinal and Centerfield Recap India Physical Therapy Co

Cardinal Equity Partners has led a recapitalization of Advanced Physical Therapy LLC, a provider of physical therapy services in Indiana. No financial terms were disclosed. Centerfield Capital Partners also participated.


Centerfield Capital Partners (“Centerfield”) announced today it has participated in the recapitalization of Advanced Physical Therapy, LLC (“APT”), the largest independent provider of physical therapy services in the State of Indiana.

Centerfield invested both subordinated debt and equity in the transaction, which was led by Cardinal Equity Partners.

JoAnne Bozza-Jonathan, founder of APT, will continue to lead the company as CEO and remains a significant shareholder. APT operates 14 outpatient clinics and five work conditioning centers in central Indiana, and also provides on-site therapy services to corporate clients. APT’s services include physical and occupational therapy, work conditioning and corporate consulting.

APT is the leading provider of workers’ compensation physical and occupational therapy in central Indiana, and has an excellent reputation with the physicians, insurers, employers and patients it serves.

Matt Hook, who led the deal for Centerfield, stated, “Our firm appreciated the opportunity to participate in this transaction with Cardinal Equity Partners and Mrs. Bozza-Jonathan. APT is a fine company with a strong management team. We look forward to supporting the continued growth of a local company.”

“We were pleased that our friends at Centerfield supported us in this transaction. Working with other experienced investors who share our vision is important to us,” stated John Ackerman, Managing Director at Cardinal Equity Partners.

Centerfield has invested in 28 companies including eight Indiana companies since 2001. The investment in APT is the ninth from the firm’s current fund, Centerfield Capital Partners II, L.P.

About Centerfield Capital Partners

Centerfield Capital Partners is a private equity firm that provides subordinated debt and equity financing to middle market companies, primarily in the Midwest. Centerfield invests in profitable growth companies, generally to facilitate changes in ownership, recapitalizations or growth. Investments are generally between $2 and $15 million. With approximately $200 million in capital under management, Centerfield is among Indiana’s largest private equity firms, and is the state’s largest mezzanine provider to lower middle market companies. Additional information is available at