Water Street, Wind Point Exit Physiotherapy

Water Street Healthcare Partners and Wind Point Partners have exited their investment in Physiotherapy Associates, selling the company to Court Square Capital Partners. Terms of the deal were not released. Exton, Penn.-based Physiotherapy Associates is a provider of outpatient rehabilitation services.

PRESS RELEASE

Water Street Healthcare Partners, a strategic private equity firm focused exclusively on the health care industry, and Wind Point Partners, a private equity investment firm, announced today that they have completed the sale of Physiotherapy Associates to Court Square Capital Partners. Headquartered in Exton, Pennsylvania, Physiotherapy Associates is the nation’s foremost provider of outpatient rehabilitation services.

Water Street and Wind Point transformed Physiotherapy Associates into an industry leader when they merged two of their specialty health care services companies in 2007. They combined Benchmark Medical, which Wind Point built through 23 acquisitions, and Physiotherapy Associates, which Water Street acquired from Stryker Corporation. The firms recruited a senior management team and further expanded the company’s leadership position through a combination of strategic initiatives and targeted acquisitions.

“I am excited that the long-term value we created in Physiotherapy Associates has led to this new opportunity for the company’s future,” said Dan Connors, chairman, Physiotherapy Associates. “Together with Water Street and Wind Point, we executed a strategic plan that capitalized on the size and scale of two companies to transform Physiotherapy Associates into a national leader that is highly regarded for providing patients with outstanding clinical expertise and personalized care.”

Andrew DeVoe, chief executive officer of Physiotherapy Associates, added: “Water Street and Wind Point’s industry expertise and investment were critical to building Physiotherapy Associates into the high-performing, national leader we are today. I am pleased that our success resulted in attracting a high-quality owner that is committed to further enhancing the care and services we offer to patients across the country.”

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Jefferies & Company, Inc. served as the sole financial advisor to Physiotherapy Associates on the sale.

About Physiotherapy Associates

Physiotherapy Associates is the nation’s foremost provider of outpatient rehabilitation services. Physiotherapy Associates employs an industry-leading team of physical therapists and health care practitioners who are dedicated to high-quality patient care. The company provides physical therapy, industrial rehabilitation and orthotics and prosthetics services to thousands of patients across the United States. With more than 650 clinics, Physiotherapy Associates is national in scope, local in care. For more information, visit physiocorp.com, follow us on Twitter (@physiocorp) or become a Physio fan on Facebook.

About Water Street

Water Street is a strategic private equity firm focused exclusively on health care. The firm has a strong record of building market-leading companies across key growth sectors in health care. It has worked with some of the world’s leading health care companies on its investments including Gentiva, Johnson & Johnson, Medtronic and Smith & Nephew. Water Street’s team is comprised of industry executives and private equity professionals with decades of experience investing in and operating global health care businesses. The firm is headquartered in Chicago. For more information about Water Street, visit waterstreet.com.

About Wind Point Partners

Wind Point Partners is a private equity investment firm headquartered in Chicago. Wind Point focuses on partnering with top caliber CEOs to acquire middle market businesses where it can establish a clear path to value creation. Additional information about Wind Point is available at windpointpartners.com.

About Court Square Capital Partners

Court Square is one of the most experienced teams in the private equity industry. Since 1979, the team has made over 200 investments including several landmark transactions and has developed numerous businesses into leaders in their respective markets. Based in New York, NY, Court Square invests in companies that have compelling growth potential. The firm manages over $3.5 billion in aggregate capital commitments while focusing on the following four sectors: business services, general industrial, health care and technology/telecommunications.