ATI Physical Therapy Merger with Fortress Value Acquisition Corp. II (FVAC II)

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.

H2 Health Acquires Fort Worth Physical Therapy

August 8, 2022

Healthcare Services

H2 Health, a multi-state comprehensive rehabilitation provider, has acquired Fort Worth Physical Therapy. The deal expands H2 Health’s Texas footprint — after closing the company will operate 155 clinics, including 28 in Texas and Oklahoma — and will support planned new locations in the region.

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.

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.

Frazier Healthcare Partners Acquires Vatica Health

September 25, 2023

Healthcare Services

Frazier Healthcare Partners has acquired Vatica Health, a provider‑centric risk adjustment and value‑based care services company headquartered in Alpharetta, Georgia. TripleTree served as financial advisor to Vatica; terms were not disclosed. The deal expands Frazier’s exposure to risk adjustment, clinical documentation and value‑based care capabilities.

Excel Orthopedic Rehabilitation Acquires Family Focus Physical Therapy

December 14, 2020

Healthcare Services

Excel Orthopedic Rehabilitation, a portfolio company of Caymus Equity Partners, acquired Family Focus Physical Therapy P.A., an outpatient physical therapy provider serving southern and central New Jersey. The deal, closed in December 2020, is the fourth strategic acquisition by Excel since Caymus Equity partnered with other investors in a majority recapitalization in 2016.