OMERS Private Equity, the private equity arm of the OMERS Worldwide group of companies, has partnered with existing management to purchase Accelerated Holdings, LLC (together with its affiliates, Accelerated" from affiliates of private equity firm Gryphon Investors. Terms of the acquisition have not been disclosed.
Founded in 1989 and headquartered in Chicago, IL, Accelerated is a leading provider of traditional and specialty outpatient physical rehabilitation services in the US Midwest. As of May 31, 2011, Accelerated operates a network of 223 clinics across eight states in the US Midwest and Arizona. With over 1,300 clinical and support staff, Accelerated offers an industry-leading range of outpatient rehabilitation services including pre- and post-operative care, treatment for orthopedic-related disorders and sports-related injuries, and rehabilitation of injured workers.
"My team and I are excited to be working with OMERS Private Equity," says Eric Warner (pictured), President and CEO of Accelerated. "Accelerated is very well positioned in the US Midwest rehabilitation market, and we are delighted to have knowledgeable partners with a long-term, patient investment approach to support our vision and growth strategy for the company’s future."
"Accelerated is one of the most recognised providers of outpatient rehabilitation in the region with a prominent clinical reputation among patients and physicians, an exceptional track record of operational and financial performance and a highly scalable business model. We are thrilled to be working alongside Eric and his management team on the company’s next phase of development," says Tim Patterson, Managing Director of OMERS Private Equity.
"We find the stable long-term growth and fragmented industry characteristics of the North American rehabilitation market highly attractive," says Don Morrison, Senior Managing Director and Canadian Country Head of OMERS Private Equity. "This is the second acquisition that we have made in the rehabilitation industry this year, having completed the acquisition of CBI Health Group, the largest provider of outpatient rehabilitation services in Canada in January."
Madison Capital Funding LLC and BMO Capital Markets served as co-lead arrangers and co-bookrunners for the credit facility. Madison Capital will continue to serve as the administrative agent. Weil, Gotshal & Manges LLP acted as legal counsel for OMERS Private Equity.
