Knighthead & Marathon-Led Consortium Takes ATI Physical Therapy Private

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.

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 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.

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 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 Majority Stake in Six-Clinic Physical Therapy Practice

September 1, 2022

Healthcare Services

U.S. Physical Therapy, Inc. (USPH) acquired a 70% equity interest in a six-clinic physical therapy practice operating clinics in West Virginia and Pennsylvania for approximately $3.5 million. The practice generates over $2.5 million in annual revenue and will remain partly owned by the practice's founder and owners, who retain a 30% stake.