Athletico Physical Therapy, which is backed by Harvest Partners, has agreed to buy Accelerated Rehabilitation Centers. No financial terms were disclosed for the transaction, which is expected to be completed in the fourth quarter of this year. Jefferies was financial advisor to Accelerated on the deal. Based in Chicago, Accelerated is a provider of outpatient rehabilitation services.
OAK BROOK, Ill. – November 6, 2014 – Athletico Physical Therapy today announced a definitive agreement to acquire Accelerated Rehabilitation Centers. The transaction will create one of the largest physical therapy providers in the Midwest. Following the closing of the transaction, the combined businesses will serve patients at 336 locations in eight states.
“We’re very excited to combine forces with Accelerated, which will produce a stronger operation and an even higher level of service for our patients,” said Mark Kaufman, Athletico founder and CEO. “We will now be able to provide more support and resources for our employees, reach more patients across a larger geographic footprint and offer a wider variety of clinical services. We also will be able to strengthen our collaborations with physicians, payers, affiliates, business partners, vendors and the communities we serve.”
“Both companies were founded by physical therapists in Chicago 20 years ago and we share common values and a patient-centric approach to physical therapy,” said Eric Warner, CEO of Accelerated. “These common values are why this partnership makes sense. We also bring some distinctive services and approaches to the industry that will complement each other’s strengths and allow us to expand what we can collectively offer to patients.”
The transaction includes Accelerated and all its brands, including ProRehab and Newsome Physical Therapy. Athletico’s CEO and President, Mark Kaufman, will lead the combined company which will continue to have its headquarters in Oak Brook, Ill.
“We’re proud to support and provide the resources for Athletico to make a greater investment and further their commitment to patient care and clinical programs“, said Ira Kleinman, Harvest Partners, LP. “We have been following the progress of Accelerated for years, and we are thrilled to be able to combine these great platforms,” said Jay Wilkins, Harvest Partners LP. Athletico is a Harvest Partners portfolio company.
Closing of the transaction is conditioned upon clearance of customary closing conditions. Athletico expects the sale to close in the fourth calendar quarter of 2014. Jefferies LLC served as financial advisor to Accelerated in connection with the transaction.
Athletico Physical Therapy provides the highest quality orthopedic rehabilitation services to communities and organizations, with 88 locations throughout Illinois, Wisconsin and Indiana. To demonstrate our commitment to both our patients and referring physicians, we measure functional patient outcomes and patient satisfaction with national data comparison using a third-party outcomes system. Our services include physical and occupational/hand therapy, work rehabilitation, women’s health therapy, pediatric physical therapy, concussion management and athletic training. For more information, please visit www.athletico.com.
About Accelerated Rehabilitation Centers
Chicago-based Accelerated Rehabilitation Centers is a premier provider of outpatient rehabilitation services. Since 1989, Accelerated has grown to over 230 outpatient rehabilitation centers in Illinois, Indiana, Iowa, Michigan, Missouri, Wisconsin, Ohio and Arizona, becoming the top choice for many professional athletes, large employers and busy professionals.
About Harvest Partners
Founded in 1981, Harvest Partners, LP is a leading New York-based private equity investment firm pursuing management buyouts and recapitalizations of middle market companies in North America. Harvest focuses on acquiring profitable companies in the industrial and energy services, manufacturing and distribution, consumer and business services, and healthcare services sectors. This strategy leverages Harvest’s 30 plus years of experience in financing organic and acquisition-oriented growth companies. For more information, please visit http://www.harvestpartners.com.