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Court Square Buys Physiotherapy Associates

Water Street Healthcare Partners and Wind Point Partners are exiting their investment in Physiotherapy Associates, selling the company to New York-based private equity firm Court Square Capital Partners. Terms were not released. Water Street and Wind Point Partners partnered to form Physiotherapy Associates in 2007.


Water Street Healthcare Partners and Wind Point Partners announced today that they have signed a definitive agreement to sell Physiotherapy Associates to Court Square Capital Partners. The firms announced the agreement after working together to grow and establish Physiotherapy Associates as one of the nation’s foremost providers of outpatient rehabilitation services. Headquartered in Exton, Pennsylvania, Physiotherapy Associates provides physical therapy, industrial rehabilitation, and orthotic and prosthetic services to thousands of patients across the United States.


Water Street and Wind Point Partners partnered to form Physiotherapy Associates in 2007. They merged their two companies, Benchmark Medical, which Wind Point built through 23 acquisitions since 2000, and Physiotherapy Associates, which Water Street acquired from Stryker Corporation. The merger transformed Physiotherapy Associates into a national leader in outpatient rehabilitation services. Since then, Water Street and Wind Point have invested their industry expertise and capital to further expand Physiotherapy Associates’ leadership position through a combination of strategic acquisitions and organic growth initiatives.


“Physiotherapy Associates is another strong example of the long-term value Water Street creates through our corporate partnership strategy,” said Rob Womsley, partner, Water Street. “When we invested in Physiotherapy Associates, it was a non-core business of a large public corporation. We recruited a highly talented management team led by Dan Connors and Andrew DeVoe. Together with Dan, Andrew and the Wind Point team, we systematically executed a strategic growth plan that transformed Physiotherapy Associates into the nation’s foremost provider of high quality rehabilitation services.”


Rich Kracum, managing director at Wind Point Partners, said: “When we invested in Benchmark, the therapy industry was very fragmented with significant opportunity for consolidation. We had built a sizable business by completing a number of acquisitions and then the Physiotherapy merger, but working with Dan Connors, a top caliber executive, and the team he assembled, including Andrew DeVoe, allowed us to unlock the value of the consolidated business.”


Terms of the agreement are not being disclosed.


About Water Street


Water Street is a strategic private equity firm focused exclusively on health care. The firm has a strong record of building market-leading companies across key growth sectors in health care. It has worked with some of the world’s leading health care companies on its investments including Gentiva, Johnson & Johnson, Medtronic and Smith & Nephew. Water Street’s team is comprised of industry executives and private equity professionals with decades of experience investing in and operating global health care businesses. The firm is headquartered in Chicago. For more information about Water Street, visit


About Wind Point Partners


Wind Point Partners is a private equity investment firm headquartered in Chicago. Wind Point focuses on partnering with top caliber CEOs to acquire middle market businesses where we can establish a clear path to value creation. Additional information about Wind Point is available at .


About Court Square Capital Partners


Court Square Capital is one of the most experienced private equity firms in the industry. Since 1980, the group has invested in over 170 transactions across a wide array of sectors including: aerospace & defense, industrials, business services, technology, telecommunications, health care, media and travel. Court Square Capital currently manages over $4 billion of aggregate capital commitments and is based in New York, NY.