U.S. Physical Therapy (USPH) announces it has completed the acquisition of a 12-clinic group of physical therapy providers.
A news release from USPH notes that the acquisition of the practice group, which sees more than 90,000 patients per year and generates more than $10 million in annual revenue, gives USPH a 60% interest, with 40% interest remaining with the owners of the provider group. The group’s purchase price was $11.5 million.
“We are extremely pleased to complete this transaction with a very talented and capable group of partners. This practice has been recognized as National Physical Therapy Practice of the Year, similar to several other award winning practices which have elected in recent years to join our large and growing family of partnerships,” says Chris Reading, U.S. Physical Therapy CEO, in the release.
We look forward to continuing our growth by attracting high quality owner-operators who want to maintain their identity and retain a significant ownership interest in their business, further supported by a very capable team dedicated to helping them grow and scale their brand and culture within the local communities they serve,” he adds.
USPH operates 540 outpatient physical therapy clinics in 42 states. In addition, it manages 21 physical therapy facilities for unaffiliated third parties, including hospitals and physician groups.
[Source(s): U.S. Physical Therapy, Business Wire]