USPh Therapy Announces Acquisition of 50-Clinic Physical Therapy Management Services Organization
Monday, October 07, 2024 4:05 PM, EST
Houston, TX, October 7, 2024 – U.S. Physical Therapy, Inc. (“USPH”) (NYSE: USPH), a national operator of outpatient
physical therapy clinics and provider of industrial injury prevention services, today announced that it has signed an
agreement to purchase a 50% equity interest in a management services organization (the “Company”) that provides
management and administrative services to 50 physical therapy clinics. The Company expects to close the transaction on
October 31, 2024.
The Company manages 50 outpatient clinics, the majority of which are in New York, with plans to further expand in New
York and adjacent states. The Company-managed clinics deliver physical, occupational and speech therapy and also
provide physical therapy services to patients in their homes. Through its managed therapy providers, the Company
currently generates approximately $64.0 million in annual revenue and approximately $12.0 million in annual EBITDA
on a consolidated basis. The current owners of the Company will continue to have a 50% ownership interest. The Chief
Executive Officer of the Company, who will remain with the Company as its executive leader, joined the Company in
2016 and has grown the group of managed clinics from five clinics to 50 clinics.
Chris Reading, Chief Executive Officer of USPH, stated, “We are extremely excited about this partnership. We have been
working on this for some time and look forward to completing this transaction by month’s end. I am especially impressed
by the leadership of what will soon be our newest and largest PT partnership. The CEO has assembled a dedicated and
capable executive team who have demonstrated their collective ability to oversee and deliver exceptional care to their
patients while growing their company at an extraordinary rate. Our entire team looks forward to completing this
opportunity while assisting our newest partners on their outsized growth vision for the region.”
BofA Securities, Inc. acted as financial advisor to USPH on this transaction. Livingstone Partners LLC acted as advisor
to the Company.
About U.S. Physical Therapy, Inc.
Founded in 1990, U.S. Physical Therapy, Inc. operates approximately 687 outpatient physical therapy clinics in 42 states.
USPH’s clinics provide preventative and post-operative care for a variety of orthopedic-related disorders and sportsrelated injuries, treatment for neurologically-related injuries and rehabilitation of injured workers. In addition to owning
and operating clinics, USPH manages 40 physical therapy facilities for unaffiliated third parties, including hospitals and
physician groups. USPH also has an industrial injury prevention business which provides onsite services for clients’
employees including injury prevention and rehabilitation, performance optimization, post-offer employment testing,
functional capacity evaluations, and ergonomic assessments.
More information about U.S. Physical Therapy, Inc. is available at www.usph.com. The information included on that
website is not incorporated into this press release.