Professional Physical Therapy, which is backed by Great Point Partners, has acquired New Jersey-based Princeton Physical Therapy Group, a provider of physical therapy services. No financial terms were disclosed.
GREENWICH, CT and UNIONDALE, NY— Great Point Partners (“GPP”) today announced that GPP I portfolio company Professional Physical Therapy (“ProPT”) has acquired Princeton Physical Therapy Group. With the addition of these five clinics, patients will have even greater access to seasoned and knowledgeable physical therapists who are dedicated to improving patient outcomes.
The transaction with Princeton Physical Therapy is the fifth tuck-in acquisition ProPT has closed in 2016 and represents its 11th tuck-in acquisition over the last 12 months. ProPT now operates in 83 outpatient physical therapy centers, making it the largest provider in the Northeast. Jeff De Bellis, Partner and Vice President of Clinical Operations at ProPT stated, “The expertise, community focus, and operational strengths of the team at Princeton align exceptionally well with our stated goal of continued growth and development.”
“With this acquisition ProPT has grown four-fold in size from the October 2011 date of our investment. We are proud of the impact our capital and tuck-in acquisition expertise has had at ProPT,” said Stephen Weaver, Vice President at Great Point Partners.
“Our primary goals at Princeton are to ensure that patients improve with each treatment, restore movement, and achieve their clinical goals. After meeting with the team at Professional Physical Therapy, it was quickly evident that their patient-centric values are similar to ours,” said David Del Vecchio, Chief Executive Officer of Princeton Physical Therapy.
About Great Point Partners
Great Point Partners (“GPP”), founded in 2003 and based in Greenwich, CT, is a leading health care investment firm with approximately $900 million of equity capital under management and 28 professionals, investing in the United States, Canada, and Western Europe. GPP is currently making new private equity investments from GPP II, which has closed on $215 million. Great Point manages capital in private (GPP I, $156 million, and GPP II) and public (BMVF, approximately $450 million) equity funds.
Great Point Partners has provided growth equity, growth recapitalization, and management buyout financing to more than 100 health care companies. The private equity funds invest across all sectors of the health care industry with particular emphasis on biopharmaceutical infrastructure, devices and diagnostics, health care services, outsourcing, and information technology. The firm pursues a proactive and proprietary approach to sourcing investments and tuck-in acquisitions for its portfolio companies.
About Professional Physical Therapy
Professional Orthopedic and Sports Physical Therapy, headquartered in Uniondale, New York, is an award-winning, leading provider of physical therapy and rehabilitation services in the New York metropolitan area, New Jersey and Connecticut. Founded in 1998, Professional Physical Therapy now operates 83 outpatient physical therapy centers: 12 located within Equinox Fitness Centers, five located in Blink Fitness facilities, one located in a STACK Sports Performance Center, and 65 standalone. The company’s outpatient physical therapy centers provide treatment to patients suffering from musculoskeletal impairments associated with orthopedic and sports injuries and other medical conditions.
Additionally, Professional Physical Therapy operates a 20,000 square foot sports performance training facility in Garden City, New York. www.professionalpt.com