ATI Physical Therapy Inc, a portfolio company of Advent International, has completed its business combination with Fortress Value Acquisition Corp II, a special purpose acquisition company.

The transaction, which was approved on June 15, 2021 by FVAC II’s shareholders, further positions ATI to lead the rapidly growing physical therapy industry, with an emphasis on delivering predictable outcomes for patients with musculoskeletal (MSK) issues.

Beginning June 17, 2021, the Company will operate as “ATI Physical Therapy, Inc.,” and ATI’s shares of Class A common stock will trade on the New York Stock Exchange under the symbol “ATIP,” according to a media release.

“This marks an important milestone for our company, as we build on our accomplishments and seek to accelerate our innovative approach and reach in the growing and critically important physical therapy market.  ATI is truly grateful that we have team members committed and dedicated to the success of our patients and the organization. Our focus will continue to be providing these professionals the clinical support, training and technology they need to ensure we remain at the forefront of our industry and surpass the expectations of our patients.”

— Labeed Diab, Chief Executive Officer of ATI Physical Therapy

“We are thrilled to be a part of ATI’s next phase of growth and innovation as the clear leader in a $22 billion outpatient physical therapy market. ATI’s experienced leadership team and over 5,000 employees nationwide have established the Company as a provider of choice for patients and a driver of cost-savings and efficiencies in an overburdened healthcare ecosystem. We believe the Company is extremely well positioned to build on its record of disciplined growth and industry-leading profitability in what is still a highly fragmented sector.”

— Fortress Managing Partner Drew McKnight

ATI owns and operates nearly 900 physical therapy clinics across 24 states, the release notes.

[Source(s): ATI Physical Therapy, PR Newswire]

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