M&A Deal Summary

Empower Physical Therapy Acquires Doctors of Physical Therapy

On January 27, 2025, Empower Physical Therapy acquired healthcare services company Doctors of Physical Therapy from Petra Capital Partners

Acquisition Highlights
  • This is Empower Physical Therapy’s 3rd transaction in the Healthcare Services sector.
  • This is Empower Physical Therapy’s 3rd transaction in the United States.
  • This is Empower Physical Therapy’s 1st transaction in Illinois.

M&A Deal Summary

Date 2025-01-27
Target Doctors of Physical Therapy
Sector Healthcare Services
Buyer(s) Empower Physical Therapy
Sellers(s) Petra Capital Partners
Deal Type Add-on Acquisition

Target

Doctors of Physical Therapy

Naperville, Illinois, United States
Doctors of Physical Therapy is a provider of physical therapy services. DPT delivers physical therapy via doctorate-level therapists at clinics in markets throughout the upper Midwest, as well as at on-site clinics for large employers. Doctors of Physical Therapy was founded in 2005 and is based in Naperville, Illinois.

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Buyer(S) 1

Buyer

Empower Physical Therapy

Phoenix, Arizona, United States

Category Company
Founded 2008
Sector Healthcare Services
DESCRIPTION

Empower Physical Therapy is a physical therapy practice management company. Empower Physical Therapy was founded in 2008 and is based in Phoenix, Arizona.


DEAL STATS #
Overall 3 of 3
Sector: Healthcare Services M&A 3 of 3
Type: Add-on Acquisition M&A Deals 3 of 3
State: Illinois M&A 1 of 1
Country: United States M&A 3 of 3
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-03 Spectrum Therapy Consultants

El Paso, Texas, United States

Spectrum Therapy Consultants provides outpatient physical therapy services using a hands-on, individualized approach. STC is focused on delivering quality therapy care through dedicated teams serving the specific needs of each patient. These personalized treatments assist patients recovering from a range of health issues including pain, orthopedic and neuromuscular problems, joint issues, post-operative conditions, and sports and work-related injuries. Spectrum Therapy Consultants was founded in 2006 and is based in El Paso, Texas.

Buy -

Seller(S) 1

SELLER

Petra Capital Partners

Nashville, Tennessee, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 400M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Petra Capital Partners is a private investment firm that invests in US-based, high-growth businesses operating in the business services, healthcare services, media/publishing, telecom, IT, and information services sectors. Target companies are generally cash-flow positive with revenues in excess of $10 million and growth rates above 20%. Petra can commit up to $20 million per transaction. The Firm typically invests in subordinated debentures with warrants to purchase equity securities. Petra Capital Partners is licensed as a SBIC. The Firm was formed in 1996 and is based in Nashville, Tennessee.


DEAL STATS #
Overall 31 of 31
Sector: Healthcare Services M&A 7 of 7
Type: Add-on Acquisition M&A Deals 18 of 18
State: Illinois M&A 2 of 2
Country: United States M&A 31 of 31
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-15 Highstreet IT Solutions

Rockville, Maryland, United States

Highstreet IT Solutions is a provider of cloud-oriented managed IT services and enterprise software implementation services. Through a complete service portfolio, Highstreet assists enterprise clients as they transition to Cloud-based IT infrastructure and applications and supports their Cloud-based technologies on an ongoing basis. Highstreet IT Solutions was founded in 1996 and is based in Rockville, Maryland.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-30 Lieberman

Great Neck, New York, United States

Lieberman is a custom market research firm focused on healthcare and a dedicated consumer division. The company has built long-standing relationships with blue-chip clients by combining advanced quantitative analysis with nuanced qualitative methodologies, all led by integrated research teams. Leveraging cutting-edge technology and deep expertise, it delivers actionable insights into consumer behavior, market trends and competitive landscapes. Lieberman was formed in 1981 and is based in Great Neck, New York.

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