Water Street Healthcare Partners, a strategic private equity firm focused exclusively on the health care industry, and Wind Point Partners, a private equity investment firm, have completed the sale of Physiotherapy Associates to Court Square Capital Partners.
Headquartered in Exton, Pennsylvania, Physiotherapy Associates is the nation’s foremost provider of outpatient rehabilitation services.
Water Street and Wind Point transformed Physiotherapy Associates into an industry leader when they merged two of their specialty health care services companies in 2007. They combined Benchmark Medical, which Wind Point built through 23 acquisitions, and Physiotherapy Associates, which Water Street acquired from Stryker Corporation. The firms recruited a senior management team and further expanded the company’s leadership position through a combination of strategic initiatives and targeted acquisitions.
“I am excited that the long-term value we created in Physiotherapy Associates has led to this new opportunity for the company’s future,” says Dan Connors, chairman, Physiotherapy Associates. “Together with Water Street and Wind Point, we executed a strategic plan that capitalized on the size and scale of two companies to transform Physiotherapy Associates into a national leader that is highly regarded for providing patients with outstanding clinical expertise and personalized care.”
Andrew DeVoe, chief executive officer of Physiotherapy Associates, says: “Water Street and Wind Point’s industry expertise and investment were critical to building Physiotherapy Associates into the high-performing, national leader we are today. I am pleased that our success resulted in attracting a high-quality owner that is committed to further enhancing the care and services we offer to patients across the country.”
Jefferies & Company, Inc. served as the sole financial advisor to Physiotherapy Associates on the sale.
