Physical Rehabilitation Network, which is backed by Gryphon Investors, and MemorialCare have acquired Complete Balance Solutions Institute for Physiotherapy Inc. No financial terms were disclosed. PricewaterhouseCoopers LLP, FTI Consulting and Bass, Berry & Sims PLC advised PRN on the transaction while Mihama Acquisitions advised Complete Balance Solutions Institute for Physiotherapy.
CARLSBAD, Calif. (July 21, 2021) – MemorialCare, a prominent nonprofit Southern California integrated health system, and Physical Rehabilitation Network (PRN), a leading physical therapy provider and practice management organization, today expanded their joint support network in California with their acquisition of Complete Balance Solutions Institute for Physiotherapy, Inc.
As part of a shared strategic alliance, joint venture partners MemorialCare and PRN will acquire Complete Balance Solutions’ three Southern California outpatient therapy clinics, located in Laguna Hills, Irvine and Seal Beach. Through the addition of those clinics, the MemorialCare and PRN joint venture partnership claims the region’s most expansive network of physical therapy facilities with 26 clinics throughout Orange, Los Angeles and Riverside counties, with plans to open additional locations by December of 2021.
“We are proudly building on our shared commitment with MemorialCare and expanding our presence in the state of California by welcoming the Complete Balance Solutions team into the PRN family,” said Ajay Gupta, CEO, PRN. “Founders (and clinic directors) Sapan Palkhiwala and Nirav Patel bring many years of experience and dedication to delivering the highest level of outcomes-based patient care. We are thrilled to have these well-respected leaders and their teams join us at PRN. And we are equally excited to begin supporting them in providing quality patient care to the local communities of Laguna Hills, Irvine and Seal Beach.”
Founded in 2006 by physical therapists Sapan Palkhiwala and Nirav Patel, Complete Balance Solutions is a premier destination for neurological, vestibular and balance injuries and disorders. The team collectively brings more than 25 years’ experience specializing in treating individuals with dizziness, balance and movement disorders and complex non-healing ailments. Complete Balance Solutions’ clinics also offer traditional pain relief, speech therapy and a specialized driving rehabilitation program.
“MemorialCare’s continued investment in strengthening its partnership with PRN and expanding its physical therapy and rehabilitation network is part of our broader commitment to provide the highest-value full-service healthcare to Southern California consumers and employers,” says Mark Schafer, M.D., CEO of MemorialCare Medical Foundation, which includes MemorialCare Medical Group and Greater Newport Physicians. “With the addition of this leading group of specialists, we’re able to expand our clinical offerings to better serve patients with neurological disorders such as multiple sclerosis and Parkinson’s disease, as well as those with vestibular and balance conditions.”
The partnership’s network includes Orange County centers in Costa Mesa, Fountain Valley, Newport Beach, Irvine, Huntington Beach, Anaheim, Anaheim Hills, Mission Viejo, San Clemente, San Juan Capistrano, Laguna Niguel, Yorba Linda, Brea, Seal Beach and Santa Ana/Tustin; Los Angeles County centers in Los Angeles/Beverly Hills, Torrance, Downey, Long Beach/Lakewood, Long Beach and Baldwin Park/West Covina; and Riverside County center in Corona.
PRN is a portfolio company of Gryphon Investors, a leading middle-market private equity firm.
PricewaterhouseCoopers LLP, FTI Consulting, and Bass, Berry & Sims PLC acted as advisors to PRN on the transaction. Mihama Acquisitions advised Complete Balance Solutions Institute for Physiotherapy.
MemorialCare has 225 care locations including leading hospitals—Saddleback Medical Center in Laguna Hills, Orange Coast Medical Center in Fountain Valley, Long Beach Medical Center and Miller Children’s & Women’s Hospital Long Beach; MemorialCare Medical Group and Greater Newport Physicians; MemorialCare Research Program; MemorialCare Select Health Plan; and numerous outpatient health, imaging, surgery, urgent care, physical therapy, breast health and dialysis centers throughout Orange and Los Angeles counties. Accolades include Nation’s Best Health Systems and Workplaces, Top 50 U.S. Hospitals and Cardiovascular Hospitals, 10 Largest Children’s Hospitals, 100 Best Hospitals – Spine and Prostate Surgeries, Best of Orange County and Long Beach Hospitals and Medical Groups, U.S. News & World Report Best Hospitals and “high performing” in 31 clinical categories and Newsweek World’s Best Hospitals, Top 100 Hospitals, Best Maternity Hospitals and more. Visit memorialcare.org.
About Physical Rehabilitation Network
Founded in 1991, Physical Rehabilitation Network, LLC, (PRN) specializes in physical therapy care, workplace ergonomics solutions and serves as a comprehensive practice management organization, providing non-clinical administrative support services to physical therapists across 15 states in the western and central portions of the U.S. PRN is known for its leading, value-driven practice management services and innovative, outcomes-driven physical therapy care model.
About Gryphon Investors
Based in San Francisco, Gryphon Investors (www.gryphoninvestors.com) is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management. The firm has managed over $5.0 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $50 million to $300 million in portfolio companies with enterprise values ranging from approximately $100 million to $600 million. Gryphon prioritizes investment opportunities where it can form strong partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, specialized professional resources, and operational expertise.