CONTACT:
U.S. Physical Therapy, Inc.
Carey Hendrickson, Chief Financial Officer
Email: Chendrickson@usph.com
Chris Reading, Chief Executive Officer
(713) 297-7000
Three Part Advisors
Joe Noyons
(817) 778-8424
U.S. Physical Therapy Announces Acquisition of
50-Clinic Physical Therapy Management Services Organization
50-Clinic Physical Therapy Management Services Organization
Houston, TX, October 7, 2024 - U.S. Physical Therapy, Inc. ("USPH") (NYSE: USPH), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, today announced that it has signed an agreement to purchase a 50% equity interest in a management services organization (the “Company”) that provides management and administrative services to 50 physical therapy clinics. The Company expects to close the transaction on October 31, 2024.
The Company manages 50 outpatient clinics, the majority of which are in New York, with plans to further expand in New York and adjacent states. The Company-managed clinics deliver physical, occupational and speech therapy and also provide physical therapy services to patients in their homes. Through its managed therapy providers, the Company currently generates approximately $64.0 million in annual revenue and approximately $12.0 million in annual EBITDA on a consolidated basis. The current owners of the Company will continue to have a 50% ownership interest. The Chief Executive Officer of the Company, who will remain with the Company as its executive leader, joined the Company in 2016 and has grown the group of managed clinics from five clinics to 50 clinics.
Chris Reading, Chief Executive Officer of USPH, stated, “We are extremely excited about this partnership. We have been working on this for some time and look forward to completing this transaction by month's end. I am especially impressed by the leadership of what will soon be our newest and largest PT partnership. The CEO has assembled a dedicated and capable executive team who have demonstrated their collective ability to oversee and deliver exceptional care to their patients while growing their company at an extraordinary rate. Our entire team looks forward to completing this opportunity while assisting our newest partners on their outsized growth vision for the region.”
BofA Securities, Inc. acted as financial advisor to USPH on this transaction. Livingstone Partners LLC acted as advisor to the Company.
About U.S. Physical Therapy, Inc.