Gryphon Investors snaps up physical therapy platform PRN from Silver Oak, Vegan restaurant chain By Chloe, backed by Bain Capital, readies for bankruptcy

Gryphon Investors agrees to acquire Physical Rehabilitation Network and Bain Capital-backed vegan restaurant chain By Chloe files for bankruptcy.

Morning, readers!

Gryphon Investors is going back for more. Already an experienced investor in physical therapy, the San Francisco private equity firm has agreed to acquire Physical Rehabilitation Network in what marks its third investment to date in the sector, I learned. The seller is Silver Oak Investment Partners, whose investment dates to April 2012.

Check out my story for financial details and more.

The pending deal for PRN could very well kickstart more activity in physical therapy, sources said. San Francisco’s Gryphon, for its part, also owns CORA Health Services, which PE Hub wrote in January had engaged an adviser for an upcoming process. That process is now expected to get underway in 2021, sources anticipate.

Generally speaking, I’ve been told that many operators in physical therapy have done a good job transitioning to telehealth, all the while successfully adapting from a labor management perspective to become even more efficient than pre-covid times.

Other players in PT to keep tabs on include Advent International’s ATI Physical Therapy – which sources have continued to identify as an attractive public company candidate, especially given where US Physical Therapy continues to trade.

Bankrupt: This one is sad… One of my favorite fast-casual lunch spots pre-pandemic has filed for bankruptcy. By Chloe, a vegan restaurant chain part owned by Bain Capital, plans to kick off an auction in mid-February to sell itself out of bankruptcy, writes the Wall Street Journal. Court papers show that monthly revenue has decreased by about 67 percent since February, the report says. Not surprisingly, the reason for its dwindling performance is the covid-19 environment.

That’s it for me today. As always, write to me at with your feedback, tips or just to say hello!

Note to Readers: It’s that time of year … for the 21st time, the editors of PE Hub and Buyouts honor exceptional buyouts with our Deal of the Year Awards.

Winners are chosen in seven categories: Deal of the Year, Large-Market Deal of the Year, Middle-Market Deal of the Year, Small-Market Deal of the Year, Turnaround of the Year, International Deal of the Year, and Secondaries Deal of the Year.

Go here for more information and to read about rules and methodology. Also check out past winners. Last year, New Mountain took the crown with its exit of Equian.

If you have additional questions, email Private Equity Editor Chris Witkowsky at