GTCR Announces Athletic & Therapeutic Institute Deal

GTCR announced has acquired Athletic & Therapeutic Institute, an Illinois-based operator of 44 outpatient physical therapy centers, from KRG Capital Partners and Norwest Mezzanine Partners. No financial terms were disclosed. peHUB reported on the deal earlier this month.


GTCR, one of America’s leading private equity firms, today announced an investment in ATI Holdings, LLC, a leading provider of physical therapy and operator of outpatient rehabilitation clinics.

ATI provides comprehensive outpatient rehabilitation services through 88 clinics across Illinois, Wisconsin, Delaware, Maryland and Pennsylvania.  Founded in 1996, ATI offers a full-suite of customized treatment therapy programs that incorporate the most effective elements of physical therapy, exercise physiology and athletic training.  ATI has earned a reputation with patients, physicians, payors and employers for providing high quality therapy services with superior patient outcomes.

“ATI’s track record of growth, along with its ability to provide the best outpatient rehabilitation services, makes this an exciting investment for GTCR,” said David Katz, Principal at GTCR.  “ATI fits nicely with our historical focus on high quality, cost-effective healthcare providers.  As we have done with ATI, we will continue to partner with proven leaders.”

For ATI, the selection of GTCR as investment partner was fueled by a desire for a committed partnership that would best contribute to the company’s growth.

“The story of ATI is just beginning,” said Greg Steil, CEO of ATI.  “With this investment, we are poised to do great things in our future. GTCR’s deep healthcare expertise will help us achieve our strategic vision of continued growth and success, building upon the strength and stability we have already achieved.”

Barclays Capital and Livingstone Partners acted as financial advisors to GTCR in connection with the transaction, and Kirkland & Ellis provided legal counsel.  

GTCR’s investment in ATI will be made from GTCR Fund IX, a private equity fund with $2.75 billion of committed capital.  

About ATI

Founded in 1996 and headquartered in Bolingbrook, Illinois, ATI is a leading operator of outpatient rehabilitation clinics, operating 88 clinics across five states.  For more information, please visit

About GTCR

Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Healthcare, Financial Services & Technology, and Information Services & Technology industries. The Chicago-based firm pioneered the “Leaders Strategy” – finding and partnering with world-class leaders as the critical first step in identifying, acquiring and building market-leading companies through acquisitions and organic growth. Since its inception, GTCR has invested more than $8 billion in over 200 companies, generating exceptional returns for its investors. For more information, please visit