Upstream Rehabilitation Inc, a portfolio company of Revelstoke Capital Partners, has completed the acquisition of Drayer Physical Therapy Institute LLC.
Certain DPTI shareholders, including Goldman Sachs Merchant Banking Division, rolled over a portion of their proceeds in exchange for a minority ownership stake in Upstream, according to the announcement.
Upstream also announces it has completed four additional add-on acquisitions: Personal Injury Network Northwest (Washington), Rocky Mountain Sport and Spine (Colorado), Lincoln City Physical Therapy (Oregon), and Southern Physical Therapy (Tennessee).
“With the DPTI transaction, Upstream will be the fourth-largest outpatient physical therapy provider in the US with over 550 clinics across 27 states and a significant presence in the Southeast,” states Andrew Welch, managing director at Revelstoke, in a media release.
“Upstream and DPTI share similar cultures and a strong commitment to clinical excellence and compliance. We see a tremendous opportunity to combine the strengths and capabilities of both companies, while maintaining the portfolio of brands from each, to continue to grow and be the provider and employer of choice in the industry,” says David Van Name, CEO and founder of Upstream.
“We have enjoyed a strong partnership with the Upstream management team and look forward to working with them on this transformative acquisition,” said Simon Bachleda, managing partner at Revelstoke, the release adds.
[Source(s): Revelstoke Capital Partners, PR Newswire]