Global private equity investor Advent International announces it has acquired a majority ownership interest in ATI Physical Therapy from KRG Partners.

It is expected that the transaction will be completed in the second quarter of 2016, and terms were not disclosed.

ATI CEO Dylan Bates and his management team will retain a significant minority stake in the company and will continue to lead the company, according to a media release from Advent International.

“We are pleased to welcome Advent as our new investment partner,” Bates says in the release. “The outpatient physical therapy market in the US is large, growing, and highly fragmented, and we believe that Advent’s resources and expertise with healthcare services companies will help us to continue to successfully execute and accelerate our expansion strategy.”

ATI Physical Therapy operates more than 500 clinics in 19 states across the United States.

“ATI has become a leader in its chosen markets, and we see a number of avenues for continued growth and expansion,” states John Maldonado, a managing director at Advent, in the release.

As part of the transaction, Advent Operating Partner Dr Chris Krubert will join ATI’s Board of Directors, per the release.

For more information, visit Advent International.

[Source(s): Advent International, PR Newswire]