Rehab Practice Management Acquires Top PT (Franklin, Tennessee)

U.S. Physical Therapy Acquires 50% Stake in Eight-Clinic Physical Therapy Management Company

January 5, 2026

Healthcare Services

U.S. Physical Therapy, Inc. (USPH) acquired a 50% interest in an unnamed physical therapy management services company that manages an eight-clinic practice generating approximately $8.0 million in annual revenue and 66,000 visits per year. The current owners retained the remaining 50% ownership; financial terms were not disclosed. The deal expands USPH's outpatient clinic footprint and service offerings through a partnership with the local owners.

Physical Rehabilitation Network Acquires Performance Physical Therapy (Reno)

February 16, 2021

Healthcare Services

Physical Rehabilitation Network (PRN), a Carlsbad, California-based practice management and physical therapy operator, has acquired Performance Physical Therapy, Inc., a Reno, Nevada outpatient clinic founded in 2010 by Kirk Sachtler. The deal expands PRN’s Nevada clinic network to nine locations and brings Performance’s orthopedic, spine and sports rehabilitation services into the PRN platform.

Physical Rehabilitation Network Acquires Team Rehab Clinics in the Portland Market

December 16, 2019

Healthcare Services

Physical Rehabilitation Network (PRN), a Carlsbad, California–based operator of outpatient rehabilitation clinics, has acquired Team Rehab, a Portland-based integrative outpatient rehab group operating three clinics in Portland, Clackamas and Tualatin, Oregon. The deal expands PRN’s Pacific Northwest footprint (bringing its clinic count in the region to 26) and represents PRN’s first entry into Oregon.

U.S. Physical Therapy Acquires 60% Stake in Fourteen-Clinic Physical Therapy Practice

November 1, 2022

Healthcare Services

U.S. Physical Therapy, Inc. (USPH) acquired a 60% equity interest in a fourteen-clinic physical therapy practice for approximately $19.3 million, with the sellers retaining 40% and potential additional earnouts tied to performance. The acquired business generates more than $9 million in annualized revenue and about 84,000 annualized patient visits; USPH said the deal will help scale the clinics into a multi-state region.

Upstream Rehabilitation Acquires Results Physiotherapy

August 2, 2021

Healthcare Services

Upstream Rehabilitation completed the acquisition of Results Physiotherapy from Sterling Partners, creating the largest pure‑play outpatient physical therapy provider in the U.S. The deal adds Results' ~200 clinics across nine states to Upstream's portfolio, expanding the platform to over 1,000 owned and managed clinics and increasing scale, network density and geographic reach.

U.S. Physical Therapy Acquires 60% Stake in Three-Clinic Physical Therapy Practice

August 1, 2025

Healthcare Services

U.S. Physical Therapy, Inc. (USPH) acquired a 60% interest in an unnamed three-clinic physical therapy practice that generates approximately $5.3 million in annual revenue and 28,000 annual visits; the practice's current owners retain a 40% stake. The transaction expands USPH's outpatient clinic footprint and brings the three clinics into its national network while preserving owner-level continuity.