PennantPark Investment Advisers LLC announces the sale of its portfolio company, Pivot Health Solutions, to Athletico Physical Therapy, a portfolio company of funds affiliated with BDT Capital Partners LLC.
Founded in 2001, Pivot is a provider of physical therapy, occupational health, and onsite corporate health. Pivot has more than 250 physical therapy clinics throughout the Eastern region, 12 occupational health locations in Maryland and Delaware, and 150 onsite health clinics throughout the United States. Pivot offers patients individualized care through a full range of physical therapy services and specialty offerings. Pivot also operates a direct-to-employer business unit, Onsite Innovations, a unique and differentiated offering with its focus on prevention of employee injuries at an employer’s onsite location.
PennantPark has supported Pivot’s growth through both debt and equity capital. In 2019, PennantPark committed an additional $25 million of equity to recapitalize the business and started driving value creation as majority shareholder. PennantPark recruited Chris Throckmorton as Chief Executive Officer and a new leadership team to lead Pivot through an operational transformation.
Pivot has achieved significant operational and financial improvements, while battling the challenges of the COVID-19 pandemic and maintaining an unwavering focus on providing best-in-class patient care. Under PennantPark’s stewardship, the Company has continued to expand offerings and footprint, and has experienced significant profitability growth. As a shareholder, PennantPark will continue to support the combined Company.
“We have been proud to partner with Pivot during the Company’s extraordinary transformation over the past two and a half years.We utilized our firm’s extensive experience in the healthcare sector, and committed substantial time and resources supporting Pivot’s growth through multiple stages. The outcome we achieved in partnership with Pivot’s leadership team and employees is an exciting success story. We wish them continued success as they embark on the next phase of their journey.”
— Art Penn, founder and CEO of PennantPark
“Pivot is a market leader in physical and occupational therapy with tremendous runway for continued growth. We identified and partnered with a world-class management team to execute operational improvements, technology innovations and strategic expansion. Through organic growth initiatives, de novos and acquisitions, we successfully helped transform Pivot into a larger and more robust platform, and achieved a significant return on our investment. We look forward to the business’ continued success.”
— José Briones, Partner at PennantPark
Chris Throckmorton, current CEO of Pivot Health Solutions, will be the CEO of the combined Athletico and Pivot platform.
“I’m honored to join Athletico and lead our combined company as we look to grow our impact in the communities we serve. Both Athletico and Pivot share many of the same values as well as a culture anchored in a passion for clinical excellence and delivering the highest quality care to patients. I look forward to continuing to build on the strong foundation both organizations have put in place to make physical therapy services accessible to more people and drive better health outcomes for our patients. A special thanks to PennantPark for their support and commitment in helping to shape Pivot’s success.”
— Chris Throckmorton
[Source(s): PennantPark Investment Advisors LLC, GlobeNewswire]
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