Professional is recognized by its patients and by physicians in the Tri-State area for its best-in-class clinical care.
Uniondale, NY and Boston, MA (PRWEB) December 19, 2016
Professional Physical Therapy (“Professional”), the Northeast’s largest private outpatient physical therapy provider, with over 100 locations throughout New York, New Jersey and Connecticut, announced today its new strategic partnership with Thomas H. Lee Partners (“THL”), one of the world’s oldest and most experienced private equity firms.
Professional was founded in 1998 by three Physical Therapists, who recognized the need for effective, individualized care, and were determined to create a company to meet those needs. In 2011, Professional partnered with Great Point Partners (“GPP”), and has since grown the company from 10 locations to its current 107, built on the guiding principles to ensure each and every patient has an exceptional experience at all facilities. Professional’s growth has been driven by the development of new treatment centers and the acquisition of other leading practices within the Tri-State area. The essential element in its success through expansion is maintaining a culture of excellence by ensuring best-in-class evidence-based practices are shared and incorporated across all of the company’s locations. In continuing to serve its communities and patient needs, Professional has grown its services to also include Occupational Therapy, Athletic Training, Sports Medicine Outreach, Fitness and Wellness programs.
In discussing the company’s rapid growth, Adam Elberg, founding partner, President and CEO of Professional, said “We are excited to announce our new partnership with THL. The firm’s seasoned consumer and healthcare investment group shares our commitment to excellence, and has the experience and resources to support our efforts in expanding our footprint and services throughout the Northeast and beyond.” Mr. Elberg further commented, “In partnership with GPP, we built the leading physical therapy company in the Tri-State area. GPP was instrumental in helping us develop our platform and surrounded our management team with a world-class board of directors. We now look forward to building upon these accomplishments with THL.”
Adam Dolder, Managing Director at GPP commented, “We are very proud of what we achieved working with Adam Elberg, and the entire Professional team. Our partnership began five years ago when Professional operated only 10 facilities in a single state and had approximately 300 employees. After executing an aggressive growth strategy that involved making 21 tuck-in acquisitions and opening 16 de novo units, the company now serves patients in more than 100 locations across three states and employs over 1,200 people.”
Josh Nelson, Managing Director at THL, said “In less than twenty years, Professional has grown into a truly impressive organization, and we are thrilled to be their new partner. Adam and the Professional team built their business on a solid foundation based on clinical excellence, a culture of best practices and strong regulatory compliance. The company is recognized by its patients and by physicians in the Tri-State area for its best-in-class clinical care, and we at THL look forward to investing in and developing opportunities that will further strengthen its mission and grow the Professional platform.”
Jefferies LLC served as the exclusive financial advisor to Professional and McDermott Will & Emery, Winston & Strawn, and Nixon Peabody served as legal advisors. Kirkland & Ellis served as legal advisor to THL. Financial terms of the transaction were not disclosed.
About Professional Physical Therapy
Professional Physical Therapy, headquartered in Uniondale, New York, is an award-winning, leading provider of physical therapy and rehabilitation services throughout the New York metropolitan area, New Jersey and Connecticut. Founded in 1998, Professional Physical Therapy operates 107 outpatient physical and hand therapy centers: 12 located within Equinox Fitness Centers, five located in Blink Fitness facilities, one located in a STACK Sports Performance Center, one inside a Golf & Fitness Academy, one inside Chatham Club, one inside Strive Fitness, and 86 standalone. The company’s outpatient physical therapy centers provide treatment to patients suffering from musculoskeletal impairments associated with orthopedic and sports injuries and other medical conditions. Professional Physical Therapy also operates a 20,000 square foot sports performance training facility in Garden City, NY, as well as four fitness centers in Stamford, Wilton, Southport, CT, and Copiague, NY. http://www.professionalpt.com
About Thomas H. Lee Partners
Thomas H. Lee Partners, L.P. is one of the world's oldest and most experienced private equity firms. The firm invests in growth-oriented businesses, headquartered principally in North America, across three broad sectors: consumer and healthcare, media and information services, and business and financial services. Since its founding in 1974, THL has raised over $20 billion of equity capital and invested in more than 130 businesses with an aggregate purchase price of more than $150 billion. THL strives to build great companies of lasting value and generate superior investment returns. For more information, please visit http://www.thl.com.
About Great Point Partners
Great Point Partners, founded in 2003 and based in Greenwich, CT, is a leading health care investment firm with approximately $900 million of equity capital under management and 28 professional, investing in the United States, Canada, and Western Europe. GPP is currently making new private equity investments from GPPII, which closed on $215 million in 2014. For more information, please visit http://www.gppfunds.com.