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Sterling Partners invests in Results Physiotherapy

Sterling Partners has made an undisclosed investment in Results Physiotherapy. Headquartered in Franklin, Tenn., Results Physiotherapy is provider of outpatient physical therapy services.


CHICAGO & FRANKLIN, TN (October 10, 2014) – Chicago-based Sterling Partners, a leading growth-oriented private equity firm with approximately $5 billion of assets under management, is pleased to announce its partnership with Results Physiotherapy, a leading provider of outpatient physical therapy services, whose world-class, manual-based therapeutic approach delivers lasting results for its patients. The transaction closed on October 3, 2014. Results’ two founders, Gary Cunningham and Greg Spurgin, will remain significant shareholders in the company and will continue to provide strategic direction alongside Sterling.

Founded in 1996, Results Physiotherapy has successfully treated patients seeking improved mobility and relief from pain for almost 20 years. Having experienced the success of the hands-on, manual approach to physical therapy in Australia, Cunningham and Spurgin came to the United States to offer this highly personalized, results-driven treatment to patients who wanted an innovative approach to quick and lasting relief. Every patient is seen by a licensed physical therapist who creates an individualized treatment plan based on the patients’ symptoms and closely monitors their progress throughout the treatment regimen.

Today, Results Physiotherapy has more than 60 treatment facilities throughout Tennessee, Alabama, Georgia, Kentucky, Mississippi and North Carolina and treats the effects of neck and back pain, sports injuries, motor vehicle accidents, workers’ compensation injuries, arthritis, headaches, women’s health issues, and a variety of other immobilizing conditions.

“We study and apply the most advanced, evidence-based therapy techniques from around the world to help our patients,” said Cunningham, President and CEO. “Our services are unique in that we partner with local primary care physicians to develop co-wellness treatment plans geared toward alleviating pain and increasing mobility through physical therapy. This cost-conscious approach saves patients time and money by preventing unnecessary surgery, imaging and medication.”

“Sterling Partners shares our mission and vision of continuing to deliver quality-focused results to patients with pain and limited mobility via innovative, individualized physical therapy. Sterling’s deep experience in growing differentiated and profitable healthcare services companies will help us expose our therapeutic approach to a broader community of people,” added COO Spurgin.

“As the healthcare industry moves from a fee-based model to a value-based model, we feel Results Physiotherapy is well positioned for growth, given its focus on quality outcomes,” said Garrick Rice, Managing Director at Sterling Partners. “We’re thrilled to partner with Results Physiotherapy and we look forward to helping the company deliver world-class and cost-efficient models of treatment on an even bigger scale.”

Results Physiotherapy is the seventh company in Sterling’s active healthcare services portfolio, with an additional six companies previously exited. Sterling focuses on innovative healthcare services companies that consistently deliver quality and value to patients at lower costs to the system.

“Our partnership with Results Physiotherapy reinforces Sterling’s investment strategy of partnering with founders who have built great businesses that are making a positive difference in people’s lives,” said Danny Rosenberg, Managing Director at Sterling Partners.

About Results Physiotherapy
Results Physiotherapy offers world-class physical therapy, a ground-breaking advance over the old exercise-only treatments. International studies prove its hands-on approach yields faster pain relief and more lasting recovery. The company’s licensed therapists are trained in the newest, evidence-based techniques from around the world, combining the best of traditional physical therapy with expert hands-on release of muscle and joint tension. Results Physiotherapy Centers are conveniently located in more than 60 locations throughout Tennessee, Alabama, Georgia, Kentucky, Mississippi and North Carolina. For more information, visit

About Sterling Partners
Sterling Partners is a private equity firm with a distinct point of view on how to build great companies. Founded in 1983, Sterling has invested billions of dollars, guided by the company’s stated purpose: INSPIRED GROWTH®, which describes Sterling’s approach to buying differentiated businesses and growing them in inspired ways. Sterling focuses on investing growth capital in small- and mid-market companies in industries with positive, long-term trends – healthcare, education and business services. Sterling provides valuable support to the management teams of the companies in which the firm invests through a deep and dedicated team of operations and functional experts based in the firm’s offices in Chicago, Baltimore and Miami.
The people at Sterling believe in ideas and ideals, in people and partnerships that drive long-term success. For more information, please visit