Grand Rapids, Mich-based Alliance Physical Therapy Management announces the sale of Agility Health, its long-term care division, to HealthPRO Heritage for an undisclosed sum. Investment bank Livingstone Partners LLC helped facilitate the sale, according to a media release.
The sale of HealthPRO Heritage will allow Alliance to concentrate on its growing outpatient and onsite physical therapy business, which operates 155 locations in 27 states.
“Alliance decided to strategically exit long-term care, known in the marketplace as Agility Health, in order to emphasize our core businesses of operating outpatient and hospital-based physical therapy clinics and industrial worksite units,” states Mark Andrzejewski, chief executive officer of Alliance Physical Therapy Management, in a media release.
“Through this divestiture, Alliance sought and found in HealthPRO a strategic buyer that shared our commitments to highly-compliant, client-centered care delivered by talented and valued therapists,” he notes.
HealthPRO, which provides therapy management and consulting services across the spectrum of care, operates in more than 32 states and employs more than 9,000 therapists.
“The Agility Health long-term care division maintains a patient-first philosophy that fits right in line with HealthPRO’s culture of clinical excellence. We look forward to leveraging our healthcare reform expertise and PDPM preparedness in partnering with Agility’s highly-rated customer base,” comments Anton Kuznetsov, HealthPRO’s vice president of M&A, in the release.
“The acquisition also strengthens our presence in Michigan and furthers our reputation as a preferred acquirer within the industry,” he adds.
[Source: Livingstone Partners LLC]