Greenwich, CT (PRWEB) December 19, 2016
Great Point Partners ("GPP") today announced that it exited its partnership with GPP I portfolio company, Professional Physical Therapy ("ProPT"). ProPT is the leading outpatient physical therapy service provider in the New York Tri-State market, operating 107 facilities across New York, Connecticut and New Jersey.
Adam Dolder, Managing Director at GPP commented, “We are very proud of what we achieved working with Adam Elberg, and the entire ProPT team. Our partnership began five years ago when ProPT 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.”
In discussing his company’s explosive growth, Adam Elberg, CEO and co-founder of ProPT, said, “In 2011, the founders of ProPT partnered with Great Point Partners to build the leading physical therapy company in the New York Tri-State market. GPP was instrumental in developing our acquisition and integration platform, and surrounded the management team with a talented Board of Directors that helped guide our growth to date.” Mr. Elberg added, “It has been a highly rewarding partnership with GPP and I am excited about the next stage in ProPT’s growth.”
Rohan Saikia, Principal at GPP, stated “This success is a testament to the outsourced business development expertise GPP brought to the collaboration with ProPT. During our partnership, we sourced nine of the Company’s 21 acquisitions that accounted for nearly 80 operating sites, supported Adam Elberg in strengthening the management team, and grew revenue by a compound annual growth rate of over 35%.”
This marks the fourth successfully exited investment in the last 14 months for GPP I, with three of the four generating a gross multiple of invested capital of five times or greater.
About Great Point Partners
Great Point Partners ("GPP"), founded in 2003 and based in Greenwich, CT, is a leading health care investment firm with approximately $900 million of assets under management and 28 professionals, investing in the United States, Canada, and Western Europe. GPP is currently making new private equity investments from GPP II, a $215 million fund. Great Point manages capital in private (GPP I, $156 million and GPP II) and public (BioMedical Value Fund, approximately $500 million) equity funds. Great Point Partners has provided growth equity, growth recapitalization, and management buyout financing to more than 100 growing health care companies. The private equity funds invest across all sectors of the health care industry with particular emphasis on biopharmaceutical services and supplies, services, outsourcing, pharmaceutical infrastructure and information technology. The firm pursues a proactive and proprietary approach to sourcing investments and tuck-in acquisitions for its portfolio companies. Reach Great Point at 203-971-3300 or http://www.gppfunds.com.
About Professional Physical Therapy
Professional Physical Therapy, headquartered in Uniondale, New York, is an award-winning, leading provider of physical therapy, hand 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