U.S. Physical Therapy Inc has acquired a 70% interest in a physical therapy practice that owns and operates 17 clinics and manages an additional eight clinics, for a purchase price of $11.4 million.
The other 30% will remain in the hands of the clinical owners of the unnamed practice, which generates approximately $11 million in total annual revenue. The owned clinics attract approximately 101,000 annual patient visits, with revenue of $7.2 million. Management contracts and other sources generate approximately $3.8 million in revenue, according to a media release from U.S. Physical Therapy Inc.
“We are very pleased to complete this acquisition with another highly capable and talented group of partners in a market which is wide open for us. We firmly believe that with our support and additional resources that they can continue in their legacy of performing excellent clinical work while further growing and scaling this partnership,” says Chris Reading, U.S. Physical Therapy chief executive officer, in the release.
U.S. Physical Therapy Inc operates 557 outpatient physical therapy clinics in 42 states. It also manages 29 physical therapy facilities for unaffiliated third parties, including hospitals and physician groups.
[Source(s): U.S. Physical Therapy Inc, Business Wire]