Drayer Physical Therapy Institute, a physical rehabilitation business, has been sold to GS Capital Partners. Drayer was a portfolio company of Linden Capital Partners, who backed the company in a 2008 recapitalization along with management. Harris Williams & Co acted as the exclusive financial advisor to Drayer.
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of Drayer Physical Therapy Institute (Drayer), a national leader in the physical rehabilitation industry, to affiliates of GS Capital Partners (GS Capital). Drayer was a portfolio company of Linden Capital Partners (Linden), who invested in Drayer in a 2008 recapitalization along with management. Harris Williams & Co. acted as the exclusive financial advisor to Drayer. The transaction closed on July 2, 2012 and was led by Turner Bredrup, Cheairs Porter, Geoff Smith and Andy Dixon from the firm’s Healthcare & Life Sciences (HCLS) Group.
“Drayer has established itself as a clear leader in the physical therapy market through the quality of its patient care, operational excellence and mission driven approach. This transaction is evidence of the continued strong interest that continues in the sector, driven by investors’ desire to find scalable business models that have the potential to reduce overall cost to the healthcare system,” said Turner Bredrup, a managing director and head of Harris Williams & Co.’s HCLS Group.
Drayer is a leading operator of outpatient physical therapy clinics primarily focused on treating sports-related injuries and orthopedic disorders. Drayer’s strategy is to operate its own clinics and develop strong relationships with referring physicians through high quality care. The company currently operates over 80 owned and managed clinics in the Northeast, Mid-Atlantic, Southeast and Northwest United States.
Linden is a Chicago-based private equity firm focused exclusively on partnering with healthcare and life science companies. Linden’s strategy is based upon three elements – healthcare and life science industry specialization, integrated private equity and operating expertise and strategic relationships with large corporations.
GS Capital is a global leader in private corporate equity investing. The GS Capital family of funds focuses on large, high quality companies with strong management and funding acquisition or expansion across a range of industries and geographies.
Harris Williams & Co., a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.
The firm’s HCLS Group focuses on transactions across the spectrum of healthcare market segments. For more information, contact Turner Bredrup, James Clark or Cheairs Porter at +1 (804) 648-0072 or Todd Morris at +1 (415) 288-4260.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Services Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.