PE-backed Phoenix Rehabilitation acquires ACPT

Phoenix Rehabilitation and Health Services Inc, which is backed by 3 Rivers Capital, has acquired Virginia-based Advanced Center for Physical Therapy. No financial terms were disclosed.

PRESS RELEASE

BLAIRSVILLE, Pa., July 15, 2015 /PRNewswire/ — PHOENIX Rehabilitation and Health Services, Inc. (“PHOENIX”), headquartered in Blairsville, PA, expands its footprint into the Mid-Atlantic region through the acquisition of privately-held, Virginia-based Advanced Center for Physical Therapy (“ACPT”), with locations in Charlottesville and Ruckersville/Barboursville.

The acquisition will provide PHOENIX the ability to continue with its strategic growth plan for expansion beyond the Pennsylvania marketplace through de-novo development, as well as, mergers and/or acquisitions of other mid-Atlantic private practice physical therapy entities.

“We are thrilled to welcome the ACPT team to PHOENIX,” commented David Watson, President and CEO of PHOENIX. “We see tremendous opportunities on the horizon for our company. The first acquisition in the mid-Atlantic region had to be the right fit for PHOENIX in order to build our brand in the marketplace. ACPT operates two successful centers and practices with the same philosophy as PHOENIX – providing the industry’s highest quality outcomes driven care to our patients.”

Operationally, “3 Rivers Capital applauds PHOENIX’s choice of investment for strategic growth in the physical therapy industry in the mid-Atlantic,” stated Rob Carskadden, Managing Director of 3 Rivers Capital. “After reviewing the financial status of ACPT and knowing the historical fiscal responsibility of PHOENIX, they chose a strong platform for which to build their network in the new market. We have no doubts the company’s experienced management team will succeed.”

3 Rivers Capital is a Pittsburgh-based private equity firm managed by its three partners: Bob McGuire, Dale Buckwalter, and Rob Carskadden. Founded in 2005, it focuses primarily on equity re-capitalizations and buyouts of companies with revenues of up to $50M and EBITDA of up to $7M. The primary focus is acquiring niche manufacturing and specialty service businesses that present a clear and compelling opportunity to create value. 3 Rivers Capital adds value through active ownership and supportive partnerships for highly motivated management teams. For more information, please visit www.3riverscap.com.

Founded in 1997 by its current leadership team, PHOENIX operates through a network of 61 outpatient physical therapy centers located throughout the states of Pennsylvania and Virginia, including six “WorkPlace Health” (“WPH”) centers. WPH provides occupational health services such as random drug screen management, DOT and Non-DOT physicals, as well as, injury care and injury case management. In addition, proving to be a much needed value added service to employers is the direct electronic portal to employees’ drug screen results and case management follow through via WPH’s Systoc software. Call 888-644-7747 toll-free or visit www.phoenixrehab.com for a complete listing of PHOENIX locations. Consumers are encouraged to stay connected with PHOENIX via Twitter (@PHOENIXRehab1), Facebook (PHOENIXRehab), LinkedIn and YouTube.