The previously announced acquisition of Accelerated Rehabilitation Centers, a U.S. outpatient rehabilitation services company, by Athletico Physical Therapy has been completed. The transaction’s financial details were not disclosed, however, one source has put the value at US$450 million. As reported by peHUB Canada in November, the deal provides an exit to OMERS Private Equity, which bought Accelerated in partnership with management in July 2011. Athletico, a Chicago-based orthopedic rehabilitation services specialist, was been backed by U.S. private equity firm Harvest Partners since May 2014.
Athletico Physical Therapy and Accelerated Rehabilitation Centers Combine Forces
Acquisition strengthens commitment to patient care and service
December 03, 2014
OAK BROOK, Ill.–(BUSINESS WIRE)–Athletico Physical Therapy has acquired Accelerated Rehabilitation Centers from OMERS Private Equity, creating one of the largest physical therapy providers in the Midwest with over 330 locations in eight states.
“We’re all very excited to realize the opportunities created through integrating our two companies.”
“Our partnership with Accelerated creates a stronger operation and even higher level of service for our patients,” said Mark Kaufman, Athletico founder and CEO. “It also allows us to further invest in our core areas of business including patient care and employee training, as well as helps us better serve physicians, payers, affiliates, business partners, vendors and other key partners.”
“This is a landmark transaction in our industry, one that greatly advances our company’s growth strategy,” said Joseph Giles, Athletico vice president of strategy and corporate development. “We’re all very excited to realize the opportunities created through integrating our two companies.”
The agreement was announced November 6 and the transaction closed December 2.
“Athletico and Accelerated can now combine the best practices of both companies complementing each other’s strengths,” said Eric Warner, CEO of Accelerated. “We remain committed to our common values and patient-centered approach to physical therapy as we expand the services we offer.”
The acquisition includes Accelerated and all its brands, including ProRehab and Newsome Physical Therapy. Athletico’s CEO and President Mark Kaufman leads the combined company which will continue to have its headquarters in Oak Brook, Ill.
“We’re proud to support and provide the resources for Athletico to make a greater investment and further their commitment to patient care and clinical programs,” said Ira Kleinman, Harvest Partners, LP. “We have been following the progress of Accelerated for years, and we are thrilled to be able to combine these great platforms,” said Jay Wilkins, Harvest Partners LP. Athletico is a Harvest Partners portfolio company.
Jefferies LLC served as financial advisor to Accelerated in connection with the transaction.
Athletico Physical Therapy provides the highest quality orthopedic rehabilitation services to communities and organizations, with 88 locations throughout Illinois, Wisconsin and Indiana. To demonstrate our commitment to both our patients and referring physicians, we measure functional patient outcomes and patient satisfaction with national data comparison using a third-party outcomes system. Our services include physical and occupational/hand therapy, work rehabilitation, women’s health therapy, pediatric physical therapy, concussion management and athletic training. For more information, please visit www.athletico.com.
About Accelerated Rehabilitation Centers
Chicago-based Accelerated Rehabilitation Centers is a premier provider of outpatient rehabilitation services. Since 1989, Accelerated has grown to over 230 outpatient rehabilitation centers in Illinois, Indiana, Iowa, Michigan, Missouri, Wisconsin, Ohio and Arizona, becoming the top choice for many professional athletes, large employers and busy professionals.
About Harvest Partners
Founded in 1981, Harvest Partners, LP is a leading New York-based private equity investment firm pursuing management buyouts and recapitalizations of middle market companies in North America. Harvest focuses on acquiring profitable companies in the industrial and energy services, manufacturing and distribution, consumer and business services, and healthcare services sectors. This strategy leverages Harvest’s 30 plus years of experience in financing organic and acquisition-oriented growth companies. For more information, please visit http://www.harvestpartners.com.
Athletico Physical Therapy
Carol Czaplicki, 630-575-6220
Director of Marketing
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