Knighthead & Marathon-Led Consortium Takes ATI Physical Therapy Private

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.

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.

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 Merger with Fortress Value Acquisition Corp. II (FVAC II)

June 16, 2021

Healthcare Services

ATI Physical Therapy, a portfolio company of Advent International, announced that all proposals at FVAC II’s special stockholder meeting were approved in connection with the previously announced business combination. The merger is anticipated to close on or about June 16, 2021, with ATI’s shares and warrants expected to begin trading on the NYSE around June 17, 2021.

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.

ATI Physical Therapy Acquires Apple Physical Therapy

October 29, 2014

Healthcare Services

ATI Physical Therapy has acquired Apple Physical Therapy, a Puyallup, Washington–based provider of physical, massage, occupational and hand therapy. The deal brings Apple’s local clinics and staff into ATI’s national platform to support ATI’s expansion into the Pacific Northwest while maintaining Apple’s local operations.