M&A Deal Summary

ATI Physical Therapy Acquires Advanced Physical Therapy

On August 9, 2011, ATI Physical Therapy acquired healthcare services company Advanced Physical Therapy from Centerfield Capital Partners, Capitala Group and Cardinal Equity Partners

Acquisition Highlights
  • This is ATI Physical Therapy’s 1st transaction in the Healthcare Services sector.
  • This is ATI Physical Therapy’s 1st transaction in the United States.
  • This is ATI Physical Therapy’s 1st transaction in Indiana.

M&A Deal Summary
Date 2011-08-09
Target Advanced Physical Therapy
Sector Healthcare Services
Buyer(s) ATI Physical Therapy
Sellers(s) Centerfield Capital Partners
Capitala Group
Cardinal Equity Partners
Deal Type Add-on Acquisition
Advisor(s) Lincoln International (Financial)

Target

Advanced Physical Therapy

Indianapolis, Indiana, United States
Advanced Physical Therapy LLC provides rehabilitation programs that stimulates the regenerative healing process of the body. This approach is a non-invasive therapy that works fast and consistently.

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Buyer(S) 1

Buyer

ATI Physical Therapy

Bolingbrook, Illinois, United States
Category Company
Founded 1996
Sector Healthcare Services
DESCRIPTION

ATI Physical Therapy is a rehabilitation provider, specializing in research-based physical therapy, workers’ compensation rehab, employer worksite solutions, and sports medicine. ATI Physical Therapy was founded in 1996 and is based in Bolingbrook, Illinois.

DEAL STATS #
Overall 1 of 5
Sector (Healthcare Services) 1 of 5
Type (Add-on Acquisition) 1 of 5
State (Indiana) 1 of 1
Country (United States) 1 of 5
Year (2011) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-24 Matt Smith Physical Therapy

Las Vegas, Nevada, United States

Matt Smith Physical Therapy is a provider of physical therapy, hand therapy, sports medicine and workers' compensation services

Buy -

Seller(S) 3

SELLER

Centerfield Capital Partners

Indianapolis, Indiana, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2001
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Centerfield Capital Partners is a private investment firm that provides subordinated debt and equity capital to mid-market companies. Prospective transactions include acquisition financings, management buyouts, shareholder liquidity needs, recapitalizations, corporate divestitures, ESOP financings, and sponsored/unsponsored transactions. Centerfield generally invests in companies with sales of $15 to $100 million and EBITDA of $3 to $15 million. Target sectors include manufacturing, business services, healthcare services, and transportation/distribution. Centerfield will not invest in early stage businesses, turnaround situations, retail, real estate, and finance companies. Centerfield Capital Partners was founded in 2001 and is based in Indianapolis, Indiana.

DEAL STATS #
Overall 12 of 42
Sector (Healthcare Services) 2 of 3
Type (Add-on Acquisition) 7 of 21
State (Indiana) 3 of 9
Country (United States) 12 of 42
Year (2011) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-29 First Source

Tonawanda, New York, United States

First Source is a distributor, and packager of candy, nuts, and specialty foods in the United States. First Source was established in 1927 and is based in Tonawanda, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-06 RIO Brands

Philadelphia, Pennsylvania, United States

RIO Brands, Inc. is a supplier of outdoor furniture products including beach chairs, backpack chairs, umbrellas, carts, coolers, and patio furniture. RIO Brands was formed in 1947 and is based in Philadelphia, Pennsylvania.

Buy -
SELLER

Capitala Group

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1998
PE ASSETS 2.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Capitala Group is an asset manager that provides equity and mezzanine capital to mid-sized companies valued up to $250 million. Funds are generally used to support growth needs, add-on acquisitions, management/leveraged buyouts, and recapitalizations. Capitatala will invest across the US, but generally targets opportunities located in the Southeast. Industry preferences include building products, business services, consumer/reteail, general industrial, healthcare, and technology. Prospective companies typically have revenues greater than $10 million and EBITDA of at least $3 million. Capitala was formed in 1998 and is headquartered in Charlotte, North Carolina.

DEAL STATS #
Overall 12 of 53
Sector (Healthcare Services) 1 of 1
Type (Add-on Acquisition) 3 of 17
State (Indiana) 1 of 4
Country (United States) 11 of 52
Year (2011) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-01 Southern Parts & Engineering

Alpharetta, Georgia, United States

Southern Parts & Engineering Co. is a value-added distributor and servicer of industrial air compressors and parts. SPECO provides a deep mix of rotary and reciprocating compressor parts, and through its machining operation in St. Louis can manufacture custom parts to customer specifications or to match OEM requirements.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-16 Micro Precision

South Windham, Connecticut, United States

Micro Precision is a tier-one Level 1/Sub-Safe supplier of critical components for the U.S. Navy’s Virginia and Columbia class submarines. Micro Precision was founded in 1981 and is based in South Windham, Connecticut.

Buy -
SELLER

Cardinal Equity Partners

Indianapolis, Indiana, United States

Investor Investor Investor

Category Private Equity Firm
Founded 1993
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Cardinal Equity Partners is a privately owned partnership that targets investments in lower middle-market businesses headquartered in the central portion of the US. Cardinal looks for light manufacturing, distribution, or service businesses with $5 to $50 million in revenue and at least $1 million of EBITDA. Prospective transaction situations include management buyouts, recapitalizations, family successions, and corporate spin-offs. Cardinal prefers businesses with proven management, recurring revenue, and no major customer concentration issues. Cardinal will not invest in software, heavy manufacturing, automotive, consulting, or companies with a significant percentage of non-US sales. Cardinal Equity Partners was formed in 1993 and is based in Indianapolis, Indiana.

DEAL STATS #
Overall 5 of 15
Sector (Healthcare Services) 1 of 2
Type (Add-on Acquisition) 1 of 4
State (Indiana) 4 of 6
Country (United States) 5 of 15
Year (2011) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-14 Williams AV

Eden Prairie, Minnesota, United States

Williams AV is a designer, manufacturer, and marketer of professional wireless communication systems that are used to deliver sound and improve the hearing and communication ability of individuals in a variety of group or gathering situations. The company’s products are designed for those with hearing impairment in public assembly spaces as well as for all listeners in language interpretation and tours. Williams AV was founded in 1976 and is based in Eden Prairie, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-17 Angi

Denver, Colorado, United States

Angi is an online subscription-based service that compiles and maintains customer satisfaction reports on local service providers from its subscribers. ANGI Homeservices was founded in 2017 and is based in Denver, Colorado.

Sell -
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