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Harvest Invests in Athletico Physical TherapyNEW YORK, NYMAY 20, 2014
Harvest Partners, LP (“Harvest”), a New York-based private equity firm, announced today that it has invested in Athletico Physical Therapy (“Athletico” or the “Company”), a Chicago-based, clinician-owned physical therapy business. Terms of the transaction were not disclosed.
Athletico has 80 clinics throughout Illinois, Wisconsin, and Indiana, employs over 1,400 clinical and administrative staff, and offers more than 40 specialty rehabilitation, outreach, and fitness services provided by specialists including physical therapists and occupational therapists, certified athletic trainers, personal trainers, strength and conditioning specialists, and massage therapists. In addition to serving patients, Athletico is the official physical therapy provider for Chicago’s professional sports teams and the chosen rehabilitation provider for the city’s performing arts, golf and endurance community. Athletico president and founder Mark Kaufman will continue to lead the Company along with the existing management team.
“Healthcare continues to be a particular area of interest for Harvest, and we are excited to partner with Athletico’s team of dedicated clinicians,” said Ira Kleinman, Senior Managing Director at Harvest. “Truly proprietary investment opportunities are not easy to source, so we are honored that Athletico selected to partner with Harvest for its next phase of growth,” added Jay Wilkins, Managing Director at Harvest.
“Harvest understands our commitment to providing quality care and service to our patients, which includes measuring treatments, outcomes and patient satisfaction,” said Kaufman. “We chose Harvest as our partner because they support and share Athletico’s goal of providing excellent preventative care, high-quality injury rehabilitation and safe return to work and activity. The partnership will bring this mission to new markets via continued organic growth and strategic acquisitions.”
Senior debt was arranged by GE Capital, Ares Capital Corporation, and Golub Capital. White & Case LLP, McDermott Will & Emery LLP, and Marwood Group advised Harvest. Jefferies and Harrison & Held, LLP advised the Company.
The investment, from Harvest Fund VI, continues the firm’s focus in healthcare, following its acquisition of full-service home infusion therapy provider AxelaCare in April 2013.
About Athletico
Athletico Physical Therapy provides orthopedic rehabilitation services to communities and organizations throughout Illinois, Wisconsin, and Indiana. To demonstrate our commitment to both our patients and referring physicians, we measure functional patient outcomes and patient satisfaction with national data comparison using a third-party outcomes system. Our services include physical and occupational/hand therapy, work rehabilitation, performing arts rehabilitation, women’s health therapy, pediatric physical therapy, vestibular rehabilitation, concussion management and athletic training. Expanded services include aquatic therapy, ART, Graston Technique, performance enhancement, fitness center memberships, personal training, golf fitness, endurance, nutrition, massage therapy and complimentary injury screens.
About Harvest Partners
Founded in 1981, Harvest Partners, LP (www.harvestpartners.com) is a leading New York-based private equity investment firm pursuing management buyouts and recapitalizations of middle market companies in North America. Harvest focuses on acquiring profitable companies in the business and industrial services, manufacturing and distribution, healthcare, midstream energy, and consumer products and retail sectors. This strategy leverages Harvest’s 31 years of experience in financing organic and acquisition-oriented growth companies.
Contact:
Jay Wilkins, Harvest Partners, (212) 599-6300
Caroline Luz, Owen Blicksilver Public Relations, (203) 656-2829,
caroline@blicksilverpr.com
