U.S. Physical Therapy, a national operator of outpatient clinics and provider of industrial injury prevention services, announces an acquisition of a two-clinic physical therapy practice.
USPH acquired 80% of the equity interests of the practice with the owners retaining 20%. The purchase price for the 80% equity interest was approximately $4.2 million inclusive of a note payable to the owners of $250,000. The remainder was paid in cash. The business generates more than $2.5 million in annual revenue and has approximately 17,000 patient visits per year.
Chris Reading, Chief Executive Officer, stated, “We are excited about this team and this opportunity. We combined great care, state of the art facilities and a high net rate market with plenty of room to expand. Our team looks very forward to assisting our newest partners in further growing and scaling their business in order to positively impact more lives.”
About U.S. Physical Therapy Inc
Founded in 1990, the company operates 614 outpatient clinics in 40 states. Its clinics provide preventative and post-operative care for a variety of orthopedic-related disorders and sports-related injuries, treatment for neurologically-related injuries and rehabilitation of injured workers. In addition to owning and operating clinics, it manages 33 facilities for unaffiliated third parties, including hospitals and physician groups. The company 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.
[Source(s): U.S. Physical Therapy Inc, Business Wire]
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