M&A Deal Summary

Audax Private Equity Acquires Phoenix Physical Therapy

On December 13, 2018, private equity firm Audax Private Equity acquired healthcare services company Phoenix Physical Therapy from 3 Rivers Capital and Tecum Capital

Acquisition Highlights
  • This is Audax Private Equity’s 14th transaction in the Healthcare Services sector.
  • This is Audax Private Equity’s 112th transaction in the United States.
  • This is Audax Private Equity’s 4th transaction in Pennsylvania.

M&A Deal Summary

Date 2018-12-13
Target Phoenix Physical Therapy
Sector Healthcare Services
Buyer(s) Audax Private Equity
Sellers(s) 3 Rivers Capital
Tecum Capital
Deal Type Secondary Buyout

Target

Phoenix Physical Therapy

Cranberry Township, Pennsylvania, United States
Phoenix Physical Therapy is a provider of physical and occupational therapy services throughout Pennsylvania, including sports rehabilitation, orthopedic rehabilitation, home health physical therapy, and occupational health services. Phoenix Physical Therapy was founded in 1997 and is based in Cranberry Township, Pennsylvania.

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Buyer(S) 1

Buyer

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 117 of 167
Sector (Healthcare Services) 14 of 18
Type (Secondary Buyout) 53 of 72
State (Pennsylvania) 4 of 6
Country (United States) 112 of 158
Year (2018) 9 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-19 PlayMonster

Beloit, Wisconsin, United States

PlayMonster is a provider in the toy and game industry, and designs, manufactures, distributes, and markets games, children’s puzzles, preschool toys, creative activities, and teaching tools. PlayMonster was founded in 1985 and is based in Beloit, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-01 Englert

East Brunswick, New Jersey, United States

Englert is a direct-to-consumer specialty gutters business under the LeafGuard brand name and a manufacturer and distributor of metal roofing products. Englert is based in East Brunswick, New Jersey.

Buy -

Seller(S) 2

SELLER

3 Rivers Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

3 Rivers Capital is a private equity firm focused on recapitalizations and buyouts of smaller companies located in the Eastern to Mountain West regions of the US. The Firm generally targets businesses with revenues up to $50 million and EBITDA up to $10 million. Target sectors include niche manufacturing, business services, healthcare, and energy. 3 Rivers prefers businesses with high barriers to entry, strong management, and operating in defensible markets. 3 Rivers was formed in 2005 and is based in Pittsburgh, Pennsylvania.


DEAL STATS #
Overall 5 of 6
Sector (Healthcare Services) 1 of 2
Type (Secondary Buyout) 3 of 3
State (Pennsylvania) 4 of 4
Country (United States) 5 of 6
Year (2018) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-02 Amazing Care

Aurora, Colorado, United States

Amazing Care is a home healthcare agency providing skilled nursing, private duty nursing, and other services to both adult and pediatric patients. Amazing Care was founded in 2004 and is based in Aurora, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-06 Interlight

Hammond, Indiana, United States

Interlight is an online distributor of specialty lighting products and other replacement, consumable parts. Interlight utilizes its technology platform to leverage data and simplify the process of purchasing replacement products. Interlight was founded in 1992 and is based in Hammond, Indiana.

Buy -
SELLER

Tecum Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 750M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Tecum Capital is a private equity firm focused on lower middle-market companies across the Eastern-US. Tecum will consider a variety of investment situations including leveraged buyouts, management buyouts, successions, strategic acquisitions, growth capital financings, and recapitalizations. Investment sizes range from $5 - $20 million. Industries of interest include manufacturing, plastics, specialty distribution, technology, healthcare services, defense, food, and business/consumer services. Tecum will not consider investments in start-ups or real estate. Tecum Capital was formed in 2005 and is based in Wexford, Pennsylvania.


DEAL STATS #
Overall 10 of 24
Sector (Healthcare Services) 2 of 4
Type (Secondary Buyout) 3 of 6
State (Pennsylvania) 8 of 12
Country (United States) 10 of 24
Year (2018) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-06 Oberg Industries

Freeport, Pennsylvania, United States

Oberg Industries is a full-service contract manufacturer of precision machined and stamped components. Oberg Industries was founded in 1948 and is based in Freeport, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-07 Gilman Cheese

Gilman, Wisconsin, United States

Gilman Cheese is a manufacturer of shelf-stable processed cheese for the gift pack, retail, and airline industry as well as smoked cheese, both natural and processed. Gilman Cheese was founded in 1948 and is based in Gilman, Wisconsin.

Buy -