ATI Physical Therapy Acquires Apple Physical Therapy

Knighthead & Marathon-Led Consortium Takes ATI Physical Therapy Private

August 1, 2025

Healthcare Services

ATI Physical Therapy, Inc. was taken private in a merger led by a consortium of existing stockholders headed by Knighthead Capital Management and Marathon Asset Management. The consortium, which held over 90% of voting shares, will acquire remaining shares for $2.85 per share in cash; ATI will remain headquartered in Downers Grove, Illinois and continue operating under its current brand and management while focusing on long-term growth and clinic expansion.

U.S. Physical Therapy Acquires 50% Stake in Nine-Clinic Physical & Hand Therapy Practice

April 1, 2024

Healthcare Services

U.S. Physical Therapy, Inc. (USPH) acquired a 50% equity interest in an unnamed nine-clinic physical therapy and hand therapy practice for $16.4 million, with the sellers retaining the remaining 50% ownership. The practice generates approximately $11.4 million in annual revenue and about 65,000 annual visits; USPH said the deal expands its presence in a market with a workers'-comp-centric mix and growth opportunities in surrounding areas.

U.S. Physical Therapy Acquires 80% Stake in Two-Clinic Physical Therapy Practice

October 3, 2022

Healthcare Services

U.S. Physical Therapy, Inc. acquired an 80% equity interest in an undisclosed two-clinic physical therapy practice for approximately $4.2 million (including a $250,000 note payable to the sellers). The practice—whose owners retain a 20% stake—generates more than $2.5 million in annual revenue and about 17,000 patient visits per year; U.S. Physical Therapy said the deal will help grow and scale the business as part of its clinic network expansion.

ATI Physical Therapy Acquires Excel-R-ation Physical Therapy

November 18, 2021

Healthcare Services

ATI Physical Therapy acquired Excel-R-ation Physical Therapy, adding a clinic in Holland and expanding ATI's footprint into the Grand Rapids area of Michigan. The deal brings the locally founded practice (est. 2003) into ATI's national network to strengthen its Michigan portfolio and patient services.

U.S. Physical Therapy Acquires Majority Stake in Eight-Clinic Physical Therapy Practice

July 1, 2021

Healthcare Services

U.S. Physical Therapy, Inc. acquired a 65% equity interest in an eight-clinic physical therapy practice for $10.3 million; the practice's founder and owners retained the remaining 35%. The business generates more than $7.3 million in annual revenue and approximately 65,000 patient visits per year, and the acquisition expands USPH's outpatient clinic footprint and scale.

ATI Physical Therapy Acquires Attain Therapy + Fitness

December 8, 2015

Healthcare Services

ATI Physical Therapy announced that Attain Therapy + Fitness has joined the ATI organization, adding 10 outpatient physical therapy clinics in the Springfield, Massachusetts area. The acquisition brings Attain's specialized hand therapy, sports and fitness training, and programs for at-risk populations into ATI's national footprint; BellMark Partners advised Attain on the partnership.